Housing Inventory Enormous- Both Seen And Unseen
There’s a vacant house just down the street from me. The owners just picked up and left several months ago. About two months ago the lender sent out landscapers to clean the yard up. Since then, the house has just sat there.
There are other houses out there like my neighbor’s former residence. Lots and lots of them. [Thanks L!]
CoreLogic, a leading provider of consumer, financial and property information and business services, reported today that shadow inventory of residential property as of August 2010, reached 2.1 million units, or eight months worth of supply, up from 1.9 million, or a five-months’ supply, from one year earlier. With visible inventory remaining flat at 4.2 million units, the change in shadow inventory increased the total supply of unsold inventory by 3 percent.