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Shadow inventory falls nationally: report

January 02, 2013 12:00PM

Residential shadow inventory in the United States fell to 2.3 million units as of the end of October, according to a new report from real estate analytics firm CoreLogic. That number amounts to a supply of seven months, a 12.3 percent drop from the same period in 2011. The shadow inventory is calculated by looking at the number of properties that are seriously delinquent, in foreclosure or REO and but not listed on the MLS. “The size of the shadow inventory continues to shrink from peak levels in terms of numbers of units and the dollars they represent,” said Anand Nallathambi, president and CEO of CoreLogic. “We expect a gradual and progressive contraction in the shadow inventory in 2013 as investors continue to snap up foreclosed and REO properties and the broader recovery in housing market fundamentals takes hold.” —Alexander Britell