Newspaper article Sarasota Herald Tribune

Fewer Homes Linger on Sidelines

Newspaper article Sarasota Herald Tribune

Fewer Homes Linger on Sidelines

Article excerpt

SHADOW INVENTORY: A 3-year low for properties waiting to go on market

The amount of U.S. "shadow inventory" -- homes and condominiums that are either in foreclosure and have not yet been sold or that owners are delaying putting on the market until prices improve -- has dropped to the lowest level in three years, according to a national housing data provider.

The April 2012 level was down 1.5 million units, representing a supply of four months at the current sales pace, Santa Ana, Calif.- based CoreLogic Inc. reported Thursday.

That was down nearly 15 percent from April 2011, when shadow inventory stood at 1.8 million units, or a six-months' supply. That is about the same level as the country was experiencing in October 2008.

The company said the flow of new "seriously delinquent" loans -- by its definition, overdue by 90 days or more -- into the shadow inventory has been "approximately offset by the equal volume of distressed sales," the company said.

"Since peaking at 2. …

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