Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  March 31, 2011  |   'Shadow' Inventory Shrinks Slightly to 1.8 Million
An improving economy has helped more home owners stay current on their mortgages and banks’ willingness to do more loan modifications have all helped to slightly drop the number of distressed homes, says Sam Khater, CoreLogic senior economist.

The U.S. had 1.8 million distressed homes in January that had yet to be listed for sale that's down slightly from 2 million homes in January 2010, market researcher CoreLogic reports.

Experts predict that number will continue to drop as the economy improves.

This “shadow” inventory includes homes that are more than 90 days delinquent on the mortgage, are in the foreclosure process, or are already bank owned, according to CoreLogic.

The states with the highest shadow inventory are New Jersey, Illinois, and Maryland, where it's estimated it will take 21 months (nearly 2 years) to sell the homes that are 90 days or more delinquent, CoreLogic reports.

Source: “Number of Unlisted ‘Shadow’ Homes Dip,” USA Today (March 31, 2011)

Read more:

Shadow Inventory: How Big, What Opportunities?

Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!