Shadow Inventory Shrinks To 2.2M Units In January

13536_house_dark Shadow Inventory Shrinks To 2.2M Units In January The residential shadow inventory as of January was at 2.2 million units, representing a supply of nine months, according to new data from Irvine, Calif.-based CoreLogic. This figure represents an 18% drop from January 2012, when shadow inventory stood at 2.6 million units, and a 28% decline from its peak in January 2010, when it reached 3 million homes.

Of the 2.2 million properties currently in the shadow inventory, 1 million units are seriously delinquent (4.1-months' supply), 798,000 are in some stage of foreclosure (3.2-months' supply), and 342,000 are already in REO (1.4-months' supply). The value of shadow inventory was $350 billion as of January, down from $402 billion a year ago and down from $381 billion six months ago.

Over the 12 months ending in January, serious delinquencies, which are the main driver of the shadow inventory, declined the most in Arizona (40%), California (33%), Colorado (27%), Michigan (25%) and Wyoming (23%). Florida, California, New York, Illinois and New Jersey carried 44% of all distressed properties in the country; Florida accounted for 16% of the nation's distressed properties.


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