It was just the other day I wrote about a coming end to the foreclosure homes in Murphy NC. I just recently saw an interesting article about the pending inventory. I wanted to share it with you. It reads:
The number of homes in shadow inventory continues to decline, according to Core Logic. Some 2.3 million properties were in shadow inventory at the end of October 2012, a decline of 12.3 percent from October 2011 when shadow inventory stood at 2.6 million. Of this total, 1.04 million are seriously delinquent, 903,000 are in some stage of foreclosure and 354,000 are already bank-owned. As of October 2012, the total dollar volume of shadow inventory was $376 billion, down from $399 billion a year ago.
“Almost half of the properties in the shadow are delinquent and not yet foreclosed,” says Mark Fleming, Core Logic’s chief economist. “Given the long foreclosure timelines in many states, the current shadow inventory stock represents little immediate threat to a significant swing in housing market supply. Investor demand will help to absorb the already foreclosure and REO properties in the shadow inventory in 2013.”