MN REO Foreclosures

The current residential shadow inventory as of July 2011 declined slightly to 1.6 million units, representing a supply of 5 months, CoreLogic reported today. This is down from 1.9 million units, a supply of 6 months, from a year ago, and follows a decline from April 2011 when shadow inventory stood at 1.7 million units. The moderate decline in shadow inventory is being driven by a pace of new delinquencies that is slower than the disposition pace of distressed assets.
Highlights from the report:
Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent, 430,000 are in some stage of foreclosure, and 390,000 are already in REO.
As of July 2011 the shadow inventory is 22 percent lower than the peak in January 2010 at 2 million units, 8.4-months supply.

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