How Bout That Recovery? 2.3 Million Distressed Homes Have Yet to Hit Market, With Much More to Come
2.3 million distressed homes have yet to hit market
Details from the July report show:
- It would take six months to sell all 2.3 million units of shadow inventory based on July’s sales pace.
- Just over 1 million units in the shadow inventory are homes that are 90 days or more late on mortgage payments but are not yet in the foreclosure process.
- More than 900,000 units are in some stage of foreclosure.
- About 345,000 units have gone back to banks after a foreclosure but aren’t yet on the market.
- The estimated value of homes in the shadow inventory was $382 billion in July, down from $397 billion in July 2011.