Industry NewsMarkets & Economy

Real estate shadow inventory dips in January

CoreLogic: 9-month supply of distressed properties, REOs
Published on Mar 30, 2011

The "shadow inventory" of distressed and bank-owned homes likely to end up on the market totaled 1.8 million homes in January, down slightly from 2 million at the same time a year ago, data and analytics provider CoreLogic said.At the rate homes were selling in January, that represents a nine-month supply of inventory, CoreLogic said in its latest shadow inventory report -- about the same as a year ago. There are another 2 million "upside down" homes with more than 50 percent negative equity that are likely to end up as shadow supply, the report said."While the trend of the shadow inventory is improving somewhat, the current level and distressed months' supply remain very high," said CoreLogic Chief Economist Mark Fleming in a statement. "The short-term weakness in prices and longer-term weakness in the drivers that affect the housing market imply that excess supply will remain high for an extended period of time." Source: CoreLogic CoreLogic ...

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