Foreclosure shadow inventory will take more than 40 months to clear: Fitch

Once a bottom occurs, it could still take many months – or even years – before the inventory clears. The number of foreclosure filings surged 48% in May from a year earlier, and repossessions more.

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Shadow inventory is estimated at more than 7 million. Analysts expect it will take more than 40 months for the distressed properties to even hit the market.. But Fitch shows a more than 50.

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At 49 months, the estimated time needed to clear shadow inventory at the end of the fourth quarter of 2010 was up 11 percent from the previous quarter and 40 percent from a year ago. With the lone exception of Miami, the months’ supply of shadow inventory grew in almost all of.

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“Since peaking at 2.1 million units in January 2010, the shadow inventory has fallen by 28 percent. The decline in the shadow inventory is a positive development because it removes some of the downward pressure on house prices,” said Mark Fleming, chief economist for CoreLogic.

How to buy a foreclosure direct from the courthouse-Part 1 Backlog of Foreclosed Homes Weighs on Prices – Distress sales, including foreclosures, have pushed down prices. They accounted for more than 50 percent of the market last month, up from about 40 percent earlier this year, according to the.

Foreclosure backlogs taking longer to process By Brady. more than 40 percent have not made a payment in more than a year.. such a massive inventory will take more than two years to clear at.

Of the 7.5m, more than 5m made a payment in the last three months, which means more than 10% of all mortgage borrowers are seriously delinquent, according to the report. While many believe the shadow inventory represents the foreclosed inventory that has yet to reach the market.

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Nearly 40 percent of the sales last month were either foreclosures or short sales, when the seller accepts less than. when the "shadow inventory" of homes is taken into account. These are homes.