CoreLogic believes US "shadow inventory" of homes may have peaked recently. The "shadow inventory" refers to homes in the foreclosure process that are headed toward the housing market.
As of April 2011 CoreLogic estimates there were about 1.7 million homes that were in the foreclosure process. The firm says this is about 18% below the peak and represents a five-month supply of homes at the current sales pace.
Those behind on their mortgates has declined 8.3% in the first quarter of 2011, according to the Mortgagte Bankers Association. The National Association of Realtors reported foreclosures and short sales (i.e., distressed properties) accounted for 31% of existing home sales in May 2011 versus 37% in April 2011.
Excess inventory supply needs to be taken out of the market in order to reach a bottom in the market, in my view. The stabiliztion of the US economy is helping to reduce delinquencies on mortgage payments and has spurred some into action to purchase a home, in my view.
I think it is too early to declare the market has hit "rock bottom." The recent signs have shown a "softer" decent, which leads me to believe we are getting closer to the nadir. Much depends on the continued strenghtening of the US economy and the economic situation in your local area.
In the meantime, there are many homeowners who are in a distressed situation. As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help. Please contact me.
Otherwise, if you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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