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.