{"id":721,"date":"2011-06-22T11:47:31","date_gmt":"2011-06-22T15:47:31","guid":{"rendered":"http:\/\/www.billdawers.com\/?p=721"},"modified":"2011-06-22T11:47:31","modified_gmt":"2011-06-22T15:47:31","slug":"better-news-for-housing-shadow-inventory-slowly-declining","status":"publish","type":"post","link":"http:\/\/www.billdawers.com\/2011\/06\/22\/better-news-for-housing-shadow-inventory-slowly-declining\/","title":{"rendered":"Better news for housing: shadow inventory slowly declining"},"content":{"rendered":"<div class=\"e26b170012445c56d240655bdd03f7bf\" data-index=\"1\" style=\"float: left; margin: 10px 10px 10px 0;\">\n<script type=\"text\/javascript\"><!--\r\ngoogle_ad_client = \"ca-pub-5595881567027133\";\r\n\/* Medium Rectangle *\/\r\ngoogle_ad_slot = \"8584504377\";\r\ngoogle_ad_width = 300;\r\ngoogle_ad_height = 250;\r\n\/\/-->\r\n<\/script>\r\n<script type=\"text\/javascript\"\r\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\r\n<\/script>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"269\" data-permalink=\"http:\/\/www.billdawers.com\/2011\/03\/06\/savannah-stopover-preview-7-sanders-bohlke\/window-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/03\/window6-e1299440530555.jpg?fit=67%2C77\" data-orig-size=\"67,77\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;4.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D40&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1244646881&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;38&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.033333333333333&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"window\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/03\/window6-e1299440530555.jpg?fit=67%2C77\" data-large-file=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/03\/window6-e1299440530555.jpg?fit=67%2C77\" src=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/03\/window6-e1299440530555.jpg?resize=67%2C77\" alt=\"\" title=\"window\" width=\"67\" height=\"77\" class=\"alignleft size-full wp-image-269\" data-recalc-dims=\"1\" \/>I remain pessimistic about the short- and medium-term prospects for housing prices and construction, but there&#8217;s good news in CoreLogic&#8217;s data released today: <a href=\"http:\/\/www.corelogic.com\/About-Us\/News\/CoreLogic-Reports-Shadow-Inventory-Continues-to-Decline.aspx\">CoreLogic Reports Shadow Inventory Continues to Decline<\/a>.<\/p>\n<p>This doesn&#8217;t mean that we&#8217;ll work our way through the foreclosure crisis soon, but the speed of distressed sales continues to surpass the speed with which homes are being added to the foreclosure pipeline.<\/p>\n<p>Highlights from the report:<\/p>\n<blockquote><p>The shadow inventory of residential properties as of April 2011 fell to 1.7 million units, or five months\u00e2\u20ac\u2122 worth of supply, down from 1.9 million units, also five months\u00e2\u20ac\u2122 supply, as compared to April 2010.<\/p>\n<p>Of the 1.7 million current shadow inventory supply, 790,000 units are seriously delinquent (2.6 months\u00e2\u20ac\u2122 supply), 440,000 are in some stage of foreclosure (1.4 months\u00e2\u20ac\u2122 supply) and 440,000 are already in REO (1.4 months\u00e2\u20ac\u2122 supply).<\/p>\n<p>The shadow inventory peaked in January 2010 at 2 million units, 8.5 months\u00e2\u20ac\u2122 supply, and stands 18 percent lower than the peak as of April 2011.<\/p>\n<p>The total shadow and visible inventory was 5.7 million units in April 2011, down from 6.2 million units a year ago. The decline occurred in both the visible and shadow inventories. The shadow inventory accounts for 29 percent of the combined shadow and visible inventories.<\/p><\/blockquote>\n<p>And there&#8217;s this key bit of grim data, emphasis added: <strong>&#8220;In addition to the current shadow inventory, there are 2 million current negative equity loans that are more than 50 percent or $150,000 \u00e2\u20ac\u0153upside down.\u00e2\u20ac\u009d These current but underwater loans have increased risk of entering the shadow inventory if the owners\u00e2\u20ac\u2122 ability to pay is impaired while significantly underwater.&#8221;<\/strong><\/p>\n<p>Here&#8217;s what all this looks like in the graph accompanying CoreLogic&#8217;s press release:<br \/>\n<img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"722\" data-permalink=\"http:\/\/www.billdawers.com\/2011\/06\/22\/better-news-for-housing-shadow-inventory-slowly-declining\/picture-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?fit=651%2C411\" data-orig-size=\"651,411\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Picture 4\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?fit=300%2C189\" data-large-file=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?fit=594%2C375\" src=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?resize=594%2C375\" alt=\"\" title=\"Picture 4\" width=\"594\" height=\"375\" class=\"aligncenter size-full wp-image-722\" srcset=\"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?w=651 651w, https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?resize=300%2C189 300w\" sizes=\"(max-width: 594px) 100vw, 594px\" data-recalc-dims=\"1\" \/><\/p>\n<!--CusAds0-->\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>I remain pessimistic about the short- and medium-term prospects for housing prices and construction, but there&#8217;s good news in CoreLogic&#8217;s data released today: CoreLogic Reports Shadow Inventory Continues to Decline. This doesn&#8217;t mean that we&#8217;ll work our way through the&hellip;<\/p>\n<p class=\"more-link-p\"><a class=\"more-link\" href=\"http:\/\/www.billdawers.com\/2011\/06\/22\/better-news-for-housing-shadow-inventory-slowly-declining\/\">Read more &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[4],"tags":[9,25],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.billdawers.com\/wp-content\/uploads\/2011\/06\/Picture-4.png?fit=651%2C411","jetpack_shortlink":"https:\/\/wp.me\/p1gN9R-bD","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/posts\/721"}],"collection":[{"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/comments?post=721"}],"version-history":[{"count":0,"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/posts\/721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/media\/722"}],"wp:attachment":[{"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/media?parent=721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/categories?post=721"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.billdawers.com\/wp-json\/wp\/v2\/tags?post=721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}