Personally, as much as I respect Core Logic's data and estimates, I don't think anyone but the Bankers, know the real numbers behind all the so-called Shadow Housing Inventory. Time Will Tell! The way things are going however, it may not be in my lifetime!
Shadow Inventory Drops but Supply to Remain High for Extended Period
The industry’s shadow inventory of repossessed and soon-to-be repossessed homes that aren’t visible as properties for sale has contracted, according to CoreLogic.
CoreLogic estimates current shadow inventory, also known as pending supply, by calculating the number of distressed properties not currently listed on multiple listing services (MLS) that are seriously delinquent (90 days or more), in foreclosure, and real estate owned (REO) by lenders.
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Of the 1.8-million unit current shadow inventory supply, CoreLogic’s study shows that 870,000 units are seriously delinquent; 445,000 are in some stage of foreclosure; and 470,000 are already REO.