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.