CoreLogic: Shadow inventory continues to fall, down 28 percent from 2010 peak

The U.S. supply of shadow inventory fell to 2.2 million units in January, a 28 percent drop from its peak in January 2010, according to a new report from CoreLogic.

CoreLogic defines shadow inventory as the pending supply of distressed properties that are seriously delinquent, in foreclosure and being held as real estate owned (REO) by mortgage servicers, but have not yet been listed for sale on multiple listing services.

“The shadow inventory continued to drop at double the rate in January from prior-year levels. At this point in the recovery we are seeing healthy reductions across much of the nation,” said CoreLogic President and CEO Anand Nallathambi in a news release.

He added that more progress needs to be seen in Florida, California, New York, Illinois and New Jersey, which account for 44 percent of all distressed properties in the country.

 

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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.