The "shadow inventory" of bank-repossessed properties, as well as distressed mortgages facing foreclosure, will take nearly three years to clear at the current sales rate, according to a.
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This is the problem. So even if you clear out the current inventory you still have a pipeline of distressed property that will come online soon. If it doesn’t, it simply is added to the already staggering shadow inventory figure. Now last month some 38,000 homes were sold in the state of California.
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‘Shadow’ real estate inventory may take 4 years to clear S&P: Slower liquidation rates to blame. By Inman News, Wednesday, February 2, 2011. It may take more than four years to clear the "shadow inventory" of distressed homes lurking on the sidelines in the U.S., a factor that’s likely to undermine real estate prices as the backlog clears, analysts at Standard & Poor’s Ratings Services say.
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Based on data through the end of the third quarter of 2010, S&P puts the principal balance of the nation’s shadow inventory of distressed homes at more than $450 billion – a log jam that will take 44 months, or more than three and a half years, to clear from the market.
Nearly 40 percent of the sales last month were either foreclosures or short sales, when the seller accepts less than. when the "shadow inventory" of homes is taken into account. These are homes.
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· Foreclosure Backlog Could Take Three Years to Clear Clearing out the backlog of distressed housing inventory will likely take more than three years, dragging down housing prices and delaying the overall recovery of the housing market, according to a new analysis from Fitch Ratings.
Fitch: 40 months to clear shadow inventory, home prices to fall additional 10% Posted on November 2, 2010 by grim From HousingWire: Foreclosure shadow inventory will take more than 40 months to clear: Fitch The shadow inventory of delinquent loans, foreclosures, and REOs stands at 7 million homes, which would take the market more than 40 months.