From CNNMoney.com:
There’s a large number of homes, either already repossessed by lenders or very seriously delinquent, that are poised to be added to the already glutted regular supply of homes on the market….
Adding the shadow inventory to the visible supply of homes on the market boosted the total housing-market supply to 6.3 million units from 6.1 million in August 2009. At the current sales rate, it would take 23 months to go through the entire visible and shadow inventory of homes — more than three times the normal rate of six to seven months.
This news may mean another 8% drop in home prices, especially here in California, which has one of the highest ratios of distressed properties to sales. Read the whole article here, and call us if you have questions about your own property going forward into 2011.
