Here is an article from CoreLogic about the current shadow inventory and commentary from a writer at the Wall Street Journal:
According to the estimates from CoreLogic the shadow inventory numbers in Florida are some of the highest in the country. This is due to the slow foreclosure process and the steep declines in pricing. In my market of Tampa - Clearwater - St. Petersburg CoreLogic estimates that there is a 21.5 month supply of shadow inventory on top of the high number of homes that are currently on the market. These numbers and our high unemployment rate point to further price declines. I am not sure how much longer this will last, but I dont see much changing until our employment numbers start improving.
Keller Williams Realty