Thursday, December 22, 2011

Shadow Inventory

The number of distressed properties not currently listed on multiple listing services stood at 1.6 million as of October 2011, according to CoreLogic. This shadow inventory is approximately half of the industry's visible inventory, the company says, meaning for every two homes available for sale, there is one home in the "shadows." CoreLogic's latest shadow inventory assessment represents a supply of five months and is down from October 2010, when it stood at 1.9 million units, or 7-months' supply.  Currently, Florida, California, and Illinois account for more than a third of the shadow inventory, CoreLogic reports. The top six states, which would also include New York, Texas, and New Jersey, are home to half of the shadow inventory.