Shorewest Reports: Shadow Inventory Falls to Lowest Level Since 2008

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KCM 2009-01 0003 (1)According to CoreLogic analysis released on October 8, U.S. distressed property inventory is at its lowest recorded level since August 2008. Distressed inventory, which includes properties that are in foreclosure, are seriously delinquent or are in lenders’ Real Estate Owned Inventories but not yet listed for sale, was recorded at 1.9 million homes in August. The inventory was valued at $293 billion.

While that number may seem staggering, it’s a 22% decrease over August 2012 and a 38% decrease over the 2010 peak in distressed inventory of 3 million homes. Since the financial crisis began in 2008, about 4.5 million foreclosures have been completed across the country.

The states with the highest foreclosure activity are all located on the East Coast — Florida (7.9%), New Jersey (6.2%), New York (4.9%), Maine (4%) and Conneticut (3.9%).

What does this mean for you as a home buyer or seller? The housing market has continued to make drastic improvements over the past 18 months, and decreases in distressed inventory are a sure indicator of economic health. With fewer distressed houses on the market, median home prices are rising, meaning you may be able to sell your home at a higher price. For more information on the local housing market in your area, contact a Shorewest real estate agent today.

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Categories: Home Buying, Home Selling, Real Estate News

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