The Shadow Inventory..

 There has been alot of  talk and speculation that there is a huge shadow inventory of foreclosures soon to hit the real estate market. HousingWire reported the shadow inventory totals 1.6 million units with 800,000 listed as serious delinquent, 410,000 in some stage of foreclosure and another 400,000 already Real Estate Owned (REO) by the banks.

Florida, California, and Illinois account for almost a third of all of the Shadow Inventory expected to reach the market in the near future.  That means there are over 500,000 new foreclosures to be split among the top three states.

If this information is accurate, the next question to ask is how is Illinois going to absorb all of these new foreclosures coming into the market and what affect will it have on the total market and prices of existing homes for sale?

 

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