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Shadow Inventory Rises Across The Country

Nov 23, 2010 | Reprints | Unlock Link | Print

For%20Sale%20sign-w The shadow inventory of homes across the country rose to 2.1 million units (an eight month supply), a more than 10 percent increase from the 1.9 million units (five month supply) one year ago, according to a recent CoreLogic report.

The shadow inventory in Massachusetts is 14.5 months, according to CoreLogic. Connecticut and Rhode Island are fairing slightly better, with 9.6 months and 10.3 months worth of distressed homes, respectively.

"The weak demand for housing is significantly increasing the risk of further price declines in the housing market," said Mark Fleming, chief economist for CoreLogic. "This is being exacerbated by a significant and growing shadow inventory that is likely to persist for some time due to the highly extended time-to-liquidation that servicers are currently experiencing."

Residential Real Estate