CoreLogic report – shadow inventory of existing homes continues to decline. Calculated Risk has all the details.
Key items:
- Shadow inventory declined to 1.7 million homes down from 1.9 million one year ago
- Shadow inventory supply remains at 5 months – same as last year
- An additional 2 million homes are seriously under water meaning they have negative equity of 50% or more or they are upside down by at least $150,000. These properties are at risk of going in to foreclosure or a short sale situation.
- It’s likely to take years to work off this inventory given the slowdown in the overall foreclosure process across much of the country
For more from CoreLogic, check out their home page.
Related articles
- CoreLogic and Tom Lawler on Declining Home Prices and Inventory (johnmurphyreports.com)
- CitiMortgage Short Sales: Paying Borrowers $12,000 to Short Sale Home (johnmurphyreports.com)
- Home sales fall to 2011 low; few 1st-time buyers (ajc.com)
- U.S. home sales in May set the low for 2011 (oregonlive.com)
- Shadow Inventory – What Is It and What Does It Mean For Selling Your House? (axsmithlaw.wordpress.com)
- Housing: Now Actually Cheap (fool.com)
- Existing Home Sales Decline 3.8% in May (coydavidson.wordpress.com)
[...] CoreLogic: Shadow Inventory Declines to 1.7 Million Homes (johnmurphyreports.com) [...]