There are an estimated 65,000 bank-owned properties and more than 1,500 newly created condo units from the building boom available for purchase, but not currently on the market, in South Florida, according to Condo Vultur
via Business Journal.
[Not just South FL, but everywhere else too]
Tomorrow morning CoreLogic will release their Shadow Inventory report as of August 2010. For this report, CoreLogic estimates the number of 90+ day delinquencies, foreclosures and REOs not currently listed for sale. Obviously if a house is listed for sale, it is already included in the “visible supply” and cannot be counted as shadow inventory.
via Calculated Risk
Lenders are trying not to flood the market with foreclosures, agents said.There may be 120 foreclosure filings a week, but only 30 or 40 are offered, creating a shadow inventory,