The housing market’s “shadow inventory”—unlisted bank-owned homes and potential foreclosures—rose compared to 2009, according to a report by the Wall Street Journal. A report by CoreLogic, a real estate research firm, estimated that there were 2.1 million units in the shadow inventory in August, or about an eight-month supply. The number increased by 10 percent over August 2009.
The shadow inventory is estimated to be highest in the Miami, Chicago and Atlanta metropolitan areas, and Nassau and Suffolk counties in Long Island, N.Y. CoreLogic said that these areas have approximately a 30-month supply, citing the fact that foreclosures in Florida, New York and Illinois must go through the courts.
Some analysts have criticized the CoreLogic estimates as being too low. A report by Barclays Capital showed that bank-owned housing inventory at the end of September was 600,000 units, and that 3.76 million homes are either in foreclosure or 90 days delinquent. The report indicated that while the number of homes in foreclosure was lower than a peak in February of this year, it was higher than in 2009.
Related Stories
Peppermill Finish
Selling Your Company to Your Team
From company valuation to terms of the transfer, here’s a look at how three different remodelers made the deal work
What's Beyond the Hammer?
Working with Brian Gottlieb on the book Beyond the Hammer provided a masterclass on how to build an aligned team
4 Steps to Prep Your Business for Contraction
How a remodeling company plans ahead for the worst of times (and the best of times)
Creating a Company Fire Drill: How to Prepare for the Worst
A disastrous fire could have been a lot worse if the business wasn’t prepared for the unexpected
The Fundamentals of Growing Profitably
On this episode of Women at WIRC podcast, Nip Tuck Remodeling Owner April Bettinger shares how she plans for her company's profitable growth
3 Things to Add to Your Construction Contract—From a Lawyer
Did you know you can add these three elements to your contracts?
Study Finds Remodelers’ Net Profits Declined
How far did net profits decline and what's influencing the drop?
The Home Depot Bets on Pros Amid Predictions of Flat Sales Growth
For the first time since 2019, The Home Depot’s revenue fell short of Wall Street’s predictions amid a general softening in the home improvement market