CoreLogic Estimates Shadow Inventory at 1.8 Million Homes

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For the second time in less than a week economists have attempted to quantify the amount of shadow inventory currently lurking in the background of the housing market. Shadow inventory is generally defined as the number of distressed homes either on the market or likely to come on the market through foreclosure divided by the rate at which distressed properties are currently selling. The two studies, one conducted by the National Association of Realtors® and the other released by CoreLogic , follow different methodology but arrive at similar conclusions: shadow inventory is substantial, it will take a long time to clear it out, home prices will be pressured downward and it will strain the economy. As of January 2011, CoreLogic estimates shadow inventory to be at 1.8 million houses, which...(read more)

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Source: www.mortgagenewsdaily.com

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