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Will there be more housing inventory?

By
Real Estate Agent with Dave Edwards Realty

From Money.com:

"An ominous cloud is hanging over the housing market: Millions of distressed properties could be put up for sale at any moment, potentially adding to the glut of unsold homes that are already on the market and depressing home prices even further.

But there is one glimmer of hope in this otherwise ominous scenario. A recent report from Standard & Poor's found that the time it would take for banks to purge all of this so-called "shadow inventory" from the market (through foreclosure sales, mortgage modifications and other measures) shrunk to 47 months during the second quarter, a significant drop from the 52 months it estimated for the first quarter of this year...

...Yet, the housing market still has a long way to go. S&P estimates that there are still a total of between 4 million and 5 million homes, including those with agency-backed loans, in shadow inventory, an amount that continues to jeopardize the housing market's recovery, according to Westerback.

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Dave Edwards Realty exists to provide real estate services to the Greenville area at an affordable fee. Services may include buying or selling a home, consulting, teaching classes, expert witness, remodeling research, home building research, real estate planning, and more. Dave Edwards is a professional Greenville, SC Realtor and an Accredited Consultant in Real Estate (ACRE).

Market data is based on GGAR and CRS data.

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