And foreclosures keep climbing, though some point to that fact that they seem to be leveling off. However, a strange thing is happening. We are seeing what is being called a “shadow inventory” of foreclosed homes.
“We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market,” said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. “California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You’d have further depreciation and carnage.” (San Francisco Chronicle)
Sphere: Related Content
More on this topic
(What's this?)
Housing Recovery Here We Come
(Investment U, 4/7/09)
Guest Post: Backdoor Way Investors Can Clear Housing Inventory
(naked capitalism, 4/20/09)
Why Wall Street is Missing the U.S. Housing Recovery
(Contrarian Profits, 4/8/09)
Related posts:
One Comment
Do you do blogroll exchanging? If you want to exchange links let me know.
Email me back if you’re interested.
Post a Comment