Shadow housing inventory shrinks
BOSTON – June 23, 2011 – CoreLogic reports that the U.S. shadow inventory of homes has fallen 18 percent from its peak; as of April, about 1.7 million homes were in the foreclosure process and headed toward the market. At the current sales pace, those properties represent a five-month supply.
According to the Mortgage Bankers Association, home loan delinquencies slid 8.32 percent in the first quarter, down from a record 10.1 percent a year ago; and the National Association of Realtors (NAR) says foreclosures and short sales accounted for 31 percent of existing-home sales in May compared to 37 percent in April.
Source: Boston Globe (06/23/11)
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