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