$450 Billion Out of the Shadows
According to Standard & Poor's, the estimated principal balance of residential properties in foreclosure but not yet on the market is approximately $450 Billion.
S&P categorizes the shadow inventory as loans that are at least 90-days delinquent or somewhere in the foreclosure process, and properties taken into REO.
At the current sales pace, it would take 4 years to clear the shadow inventory.
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