Magazine article Mortgage Banking

Shadow Inventory Reaches 2.1 Million or Eight Months' Supply

Magazine article Mortgage Banking

Shadow Inventory Reaches 2.1 Million or Eight Months' Supply

Article excerpt

CoreLogic, Santa Ana, California, reported on Nov. 22 that the nation's shadow inventory of residential property not currently listed but either seriously delinquent, in foreclosure or real estate--owned reached 2.1 million units or an eight months' supply. Those numbers reflect totals as of August 2010. The shadow inventory was up from 1.9 million or a five-months' supply from one year ago.

CoreLogic noted that the combined total of the shadow inventory and the visible inventory of homes listed for sale on the market had reached 6.3 million units in August. That is up from 6.1 million units a year ago. The new total supply of unsold homes (shadow and visible inventory) was a 23-month supply in August 2010, up from 11 months in August 2009. The company said that the current supply is "roughly three times the normal rate."

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The company found that the highest level of distressed months' supply are in Florida, Michigan and California. "Although Phoenix and Las Vegas have high months' supply of total housing inventory, they are not among the markets with the highest distressed months' supply because of the increased number of distressed sales that have been occurring in those markets. …

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