Shadow Inventory Falls 18% From Peak
Shadow Inventory Falls 18% From Peak
CoreLogic reports that the U.S. shadow inventory of homes has fallen 18 percent from its peak; as of April, about 1.7 million homes were in the foreclosure process and headed toward the market.
At the current sales pace, those properties working their way through the foreclosure process represent a five-month supply. According to the Mortgage Bankers Association, home loan delinquencies slid to 8.32 percent in the first quarter, down from a record 10.1 percent a year ago. The
The NATIONAL ASSOCIATION OF REALTORS® says foreclosures and short sales accounted for 31 percent of existing-home sales in May compared to 37 percent in April.
Source: "Shadow Housing Inventory Shrinks," Boston Globe (June 23, 2011)
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