Shadow Inventory In October is down over 12 percent from prior year

By Dennis Norman, on January 2nd, 2013

Shadow Inventory consists of properties with seriously delinquent mortgages,? are in foreclosure or? owned by lenders (REO) but not currently listed on the MLS) and are a pre-cursor to foreclosures and a sign of where the foreclosure rate is headed.?? Good news came today in a report from CoreLogic showing that, in October, the shadow inventory in the U.S. dropped to 2.3 million units, a decline of 12.3 percent from October 2011.?? This supports the notion that the decline in foreclosures we have seen of late will continue which is good news for the housing market.

Other highlights from the report include:

• As of October 2012, shadow inventory fell to 2.3 million units, or seven months? supply, and represented 85 percent of the 2.7 million properties currently seriously delinquent, in foreclosure or in REO.
• Of the 2.3 million properties currently in the shadow inventory (Figures 1 and 2), 1.04 million units are seriously delinquent (3.3 months? supply), 903,000 are in some stage of foreclosure (2.8 months? supply) and 354,000 are already in REO (1.1 months? supply).
• As of October 2012, the dollar volume of shadow inventory was $376 billion, down from $399 billion a year ago.
• Over the three months ending in October 2012, serious delinquencies, which are the main driver of the shadow inventory, declined the most in Arizona (13.3 percent), California (9.7 percent), Michigan (6.8 percent), Colorado (6.8 percent) and Wyoming (5.9 percent).
• As of October 2012, Florida, California, Illinois, New York and New Jersey make up 45 percent of the 2.7 million properties that are seriously delinquent, in foreclosure or in REO. In October 2011, these same states made up 51.3 percent of all the distressed mortgages that were at least 90 days delinquent, in foreclosure or REO.\

Related posts:

1. Shadow inventory falls back to 2008 levels
2. Report shows shadow inventory continues to decline
3. Shadow Inventory Drops Slightly but still at Nine-Month Supply
4. Declining shadow inventory good sign for future of housing market
5. Report shows For Every Two Homes Available for Sale, There Is One in the "Shadow"

Source: http://realestateconsumernews.com/foreclosures/shadow-inventory-in-october-is-down-over-12-percent-from-prior-year/

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