Are there really 2 shadow inventories?
Everyone knows and talks about the "shadow" inventory of bank owned and other foreclosures that have not yet hit the real estate market. I know of several Ormond By The Sea homes and condos that are bank or Government owned that have not yet been placed on the market for sale. Maybe they are waiting so as not to flood the market or maybe they are trying to determine who actually owns the property and getting their paperwork correct before trying to market the asset. Whatever the reason for delay there will certainly be an impact on value of similar neighborhood properties once those that have been vacant for months finally come up for sale.
And the second "shadow" inventory that nobody is talking about? This is the home or condo that is not on the market because the owner cannot bring the price they "want" in today's market. We talk to these owners every day and when the market turns around there are a number of owners who really want to sell but are holding on and creating a second shadow inventory.
Are there really 2 shadow inventories or does the second have its own name?