It’s a staggering number: The “shadow inventory” in July– properties that are seriously delinquent, in foreclosure or in lenders’ REO inventories (but not yet listed for sale on a multiple listing service) — stood at 1.9 million homes valued at $293 billion, CoreLogic said today.

But you have to put things in perspective. That’s a 22 percent drop from a year ago, and 38 percent from the 2010 peak of 3 million homes.

Plus, that’s the national picture, and all real estate is local, right?

If you break it down to the state level, the five states with the highest foreclosure inventory as a percentage of mortgaged homes were: Florida (7.9 percent), New Jersey (6.2 percent), New York (4.9 percent), Maine (4 percent) and Connecticut (3.9 percent). Source: corelogic.com

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