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Some of it's Real, Some Hides in Plain Sight - The Shadow Inventory

By Kevin J. May

Real Estate Agent with Florida Supreme Realty SL514814

March 29, 2010 03:44 PM

Shadows of People in the Grass

These shadows are definitely larger than life and try as you might you can't make them disappear. It would be ironic to say they're lurking in the darkness. Know that they exist and will be coming to a neighborhood near you. Exactly when, now that's another question. Many are betting on an early June appearance. I really don't know but expect them all too soon. Like the picture depicts we may get a fleeting shot at stopping them in their tracks with even a little heads up. Who knows what evil lurks in the hearts of men? Only "The Shadow" knows!

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Sandy Shores FL Realtor®, Melbourne Real Estate

M & M Realty of Brevard Inc. - Melbourne, FL

Brevard County Real Estate, Florida's Space Coast

Kevin, It will be interesting to see how big an effect the shadow inventory of foreclosed houses will be on the real estate market when they hit.

Mar 31, 2010 11:43 AM

Maggie Dokic /Indialantic | 321-252-8696

Magdalena Dokic - Indialantic, FL

Selling the beach in Florida's space coast

I'm anxiously awaiting the release. Have banks learned their lessons? I hope they release these in a timed manner so as not to make prices plummet. If they dump them all at once, the market won't be able to absorb them quickly enough.

Mar 31, 2010 11:58 AM

Kevin J. May

Florida Supreme Realty - Hobe Sound, FL

Serving the Treasure & Paradise Coasts of Florida

Sandy - With the financial tightening going on now this will be very interesting to see how it plays out.

Maggie - That is my sentiment also. Let them out and we will deal with it however it comes about.

Apr 01, 2010 03:20 AM

Sharon Simms

Coastal Properties Group International - Christie's International - Saint Petersburg, FL

St. Petersburg FL - CRS CIPS CLHMS RSPS

Kevin - I keep telling everyone that what is being reported as the current inventory isn't taking into account all of this Shadow Inventory. So many banks are sending out foreclosure notices but refusing to actually auction it and take possession, for more than a year. If lenders start following the new rules and making short sales actually short, that will certainly help the problem.

Apr 04, 2010 04:29 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

LMAO at the photo and brilliant analogy, Kevin. I sincerely don't believe in shadow inventory. I believe we have a bunch of defaults that are getting gobbled up prior to trustee sale via short sale or during trustee sale via investor purchases. With tax records I examine for BPOs, they want this stuff off their books and for the most part, the timelines are consistent.

Apr 04, 2010 04:42 AM

Tagrid - It's like putting a band aid on a severed artery and telling the patient you'll be okay in a few days. We've just hopped in the car and are heading home now. You are probably aware of more but I've only talked to 2 persons with successful modifications.

Sharon - They, the lenders, are fulfilling the requisite effort placed on them by the government without attempting to solve anything. Do I think more could be done, of course. Something is awry when the "experts" can't identify accurate sources or number of properties affected.

Renee - I truly hope you're correct although I would reevaluate your totals and you'll probably find a minor ramping effect in your monthly analysis which may have gone unnoticed previously. You think that pic is funny, you've now given me fodder for at least one more.

Here's an idea, after 9 months or so when the U. S. Census has completed it's rounds we'll know exactly how many residences the Shadow Inventory has under it's belt. Portly would be my guess.

Apr 04, 2010 11:16 AM

Some of it's Real, Some Hides in Plain Sight - The Shadow Inventory

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