The nation's shadow inventory fell to 2.3 million units in July, down 10.2 percent from last July, according to a monthly report, using a new methodology (see below), from real estate data firm CoreLogic released today. Homes with seriously delinquent loans attached to them made up 1 million of July's shadow inventory. The balance included 900,000 homes in some stage of foreclosure and 345,000 bank-owned properties. The 2.3 million total units represent a six-month supply, the report noted. Shadow inventory refers to the number of distressed homes likely to hit the market soon, but which aren't included in multiple listing services or included in traditional pending supply metrics.Chart showing the breakdown of shadow inventory by serious delinquency, pending foreclosures and REO inventory. Source: CoreLogic. "While a lower outflow of distressed sales helps alleviate downward home price pressure, long foreclosure timelines in some parts of the country cause these pools of shado...
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