Foreclosures also fell recently, dropping to 55,000 in November, which was 17,000 fewer than one year ago.
Chicago, Illinois (PRWEB) January 09, 2013
The Federal Savings Bank has found that, CoreLogic, one of the leading providers of information, analytics and business services, recently released its report on the amount of shadow inventory in October 2012, showing a decline from October 2011.
The residential shadow inventory in October 2012 decreased to 2.3 million units, which was a 12.3 percent decrease from October 2011, when the shadow inventory was 2.6 million units.
“The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” said Anand Nallathambi, president and CEO of CoreLogic. ”We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO properties and the broader recovery in housing market fundamentals takes hold.”
Out of the 2.3 million properties that are currently in the shadow inventory, 1.04 million units are considered to be seriously delinquent and 903,000 are in some stage of foreclosure.
Foreclosures also fell recently, dropping to 55,000 in November, which was 17,000 fewer than one year ago. With improvements being reported across the industry, more first-time homebuyers might consider now to be a great time to jump into the housing market.