Core Logic reports 2.1 million in Shadow inventory, up from 1.9 million. Add 2.1 million to the already 4.2 million inventory already on the market in August and the supply was at 23 months or double the supply that Nar estimated in September. Six to seven months is the normal supply and demand quotient.
Flemming from Core Logic stated that there is no escape from the shadow inventory and it's weighing down price appreciation and putting downward pressure on falling prices. Earlier comments say that prices will depreciate another 8% in one year.
According to Fleming, a large number of shadow inventory homes have not even been foreclosed on yet. and they won't enter the market at one time. Thus this will be a long drawn out affair.
The Pat Yoest Team is a phone call away for all your real estate needs. 702-521-1442. visit our web site for more foreclosure news. We are your best friend in real estate. www.nevadainvestmenthomes.com
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