December 1, 2009
According to both ForeclosureRadar and DSNews.com, over the last few months, the number of REO homes in California rose by 22% from September to October.
Overall California REO inventories show a 21% increase compared to last year’s numbers, but despite this spike, the latest numbers are still well below record levels. In July 2008, the banks repossessed 42% more homes in California. So, July of last year still holds the record for the largest increase in foreclosed homes.
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October 20, 2009
Shadow Inventory is the number of foreclosed homes repossessed and processed by the banks that have yet to be put back on the market. It’s the difference between actual distressed home inventory and the number of homes fully processed and listed on the market for sale.
The gap is created by the actual number of loans in delinquent status or in foreclosure that are being held or longer periods of time by the banks. It is estimated that there is an overhang of 7 million loans – these loans are going to liquidate soon and will contribute to the growing shadow inventory in the real estate market in California.
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