There is no Shadow Inventory, other than the WIP or Works In Process. It takes time to evict occupants, repair homes, get utilities on and the appraise and assign them to be listed for sale. Here in metro Phoenix as any given time there are about 8,000 homes vacant and not listed for sale. They are in the que. Then there are another 6,000 between those listed for sale and those Pending, ready to close. That is your Shadow (2 comments)
Here we are in May and housing market is on fire. But why have prices continued to wane? I would say thank you to the local press for that. There was no reason for values to delcine with buyers fighting over homes except that they are told that is the case and so are the sellers. You meet with a seller today and say prices are down over the past couple of months and they almost always say, "I know." With 7,840 single family homes closing escrow in meto Phoenix (0 comments)