Shadow Inventory at Its Lowest in Five and a Half Years
According to CoreLogic, a data and analytical firm, the shadow inventory in today’s market is at its lowest level in five and a half years. There are only 1.7 million homes in the shadow inventory nationwide, a drop of nearly 25% from this time last year. Unfortunately, this is still a lot more homes than what CoreLogic says is a “healthy” shadow inventory — only about 650,000 homes. CoreLogic states that shadow inventory was decreasing at the rate of 46,000 homes per month last year.
While that’s good news for a depressed economy, the foreclosure rate is still high. At the end of 2013, there were about 810,000 homes in foreclosure. That’s 400,000 fewer homes in foreclosure than at the end of 2012, but it’s still a lot of foreclosure.