Shadow Inventory is Declining
By Admin
Kitsap County’s inventory of distressed properties, both on and off market, was 1131 homes at the end of March, as measured by RealtyTrac. This is a drop of 23% in the past 2 months - quite a lot of progress. National progress has not been as dramatic - CoreLogic reported a drop of about 10% over the past year to 1.8 million units in January. Notes from Calculated Risk indicated the following:
This report provides a couple of key numbers: 1) there are 1.8 million homes seriously delinquent, in the foreclosure process or REO that are not currently listed for sale, and 2) there are about 2 million current negative equity loans that are more than 50 percent “upside down”.
Foreclosure activity has slowed recently as states have more thoroughly investigated foreclosure practices. The pace of foreclosures is expected to rise as the year progresses.
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