Morning Minute: Housing’s shadow inventory declines again

The nation’s inventory of homes in the “shadow” – properties that are seriously delinquent, in foreclosure or being held by banks but will eventually be released into the housing market – dropped 12.3 percent in October compared to the year before, according to a new report from CoreLogic. Read more in the Chicago Tribune.

Shadow inventory continues to shrink and in October fell nationally to 2.3 million units, or a seven months’ supply, CoreLogic officials said.

“Almost half of the properties in the shadow are delinquent and not yet foreclosed,” Mark Fleming, chief economist for CoreLogic, said in a news release. “Given the long foreclosure timelines in many states, the current shadow inventory stock represents little immediate threat to a significant swing in housing market supply. Investor demand will help to absorb the already foreclosed and REO properties in the shadow inventory in 2013.”

 

In other news:

Obama signs “fiscal cliff” bill into law – CBS News

Forgive and forget: Short sales saved from fiscal cliff – HousingWire

Mortgage industry braces for seven new CFPB rules – HousingWire

 

This entry was posted in Housing Market, Uncategorized by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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