In the Twin Cities Area I don't feel we had the "Shadow Inventory" hit us either. Sure I will talk to agents or appraiser that do price opinions for the HUD or other foreclosure homes coming on the market and they at times are busy pricing them. However, the Fannie Mae or HUD homes that hit the market are selling right away. So if 10 hit the market in a week in a county or 2-3 city area they are on and off the market in a flash. The demand is higher now and the supply is lower. Properties of all types are moving!
Where's the FLOOD of Foreclosures . . . Does the Shadow Inventory Really Know??
"The Shadow" was a pulp series of novels written in the 1930's. Later, "The Shadow" was turned into a radio broadcast of high acclaim and other media ventures.
This crime-fighting hero, AKA "The Shadow" had psychic powers and the tagline was:
"Who knows what evil lurks in the hearts of men? The Shadow knows!"
Last year there were rumors floating around that we were going to be hit with a FLOOD . . . the "shadow inventory" . . . of foreclosures.
I heard it from all sides, the shadow inventory was going to hit the market in 2013.
It dawned on me yesterday, as I was doing some market reports, that we didn't have a flood of the shadow inventory of foreclosures -- we didn't even have a small down-pouir.
The real estate market is not, and never will be, something that can be easily predicted. Although I was blogging about noticing the lower inventory levels back in late 2011/early 2012, did anyone "call it" on just how low inventory levels would drop?
The market is . . . the market.
Six months from now it will be totally different.
But to floods . . . and shadow inventory . . . who knows?!?
Has there been any shadow Inventory flooding your market of late?
I wonder if Buyers thought that and waited?
I'm just not seeing it . . . so when will the shadow inventory flood the market?
I WISH shadow inventory would flood the market -- from what I can tell, the foreclosure inventory has fallen about 25%. We need more inventory -- shadow or full sun -- bring it!!
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