Magazine article Mortgage Banking

Shadow Inventory Hovering at Six-Month Supply

Magazine article Mortgage Banking

Shadow Inventory Hovering at Six-Month Supply

Article excerpt

Santa Ana, California--based Core Logic reported in late March that the shadow inventory of distressed homes not yet listed for sale as of January 2012 was 1.6 million units--or a six-month supply. That was slightly under the eight-month supply or 1.8 million units that made up the shadow inventory one year ago in January 2011.

CoreLogic estimates the current stock of homes in the shadow inventory by calculating the number of distressed properties not currently listed for sale that are seriously delinquent, in foreclosure or in lenders' inventories of real estate--owned (REO) properties.

Mark Fleming, CoreLogic's chief economist, said, "Almost half of the shadow inventory is not yet in the foreclosure process." He added, "Shadow inventory also remains concentrated in states impacted by sharp price declines and states with long foreclosure timelines."

CoreLogic's data shows that of the i.6 million properties in the shadow inventory, 800,000 are seriously delinquent, 410,000 are in some stage of foreclosure and 400,000 are already in REO status.

The company said that Florida, California and Illinois account for more than one-third of the shadow inventory. Six states accounted for fully half of the shadow inventory: Florida, California, Illinois, New York, Texas and New Jersey. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.