Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

"Shadow Inventory" Lurks Behind Housing Market

For every two homes currently for sale, a third is lurking in the nation’s “shadow inventory” of housing that’s either already been foreclosed by banks or is secured by seriously delinquent loans likely to fall to foreclosure, a new report from financial analysts at CoreLogic suggests.

Nationally, the shadow inventory totaled about 1.6 million units as of January 2012, an amount that’s been roughly static since the group’s last report covering October 2011.

This represents about six total months’ worth of real estate transactions, 400,000 of which are already owned by the banks that foreclosed on them.

Figures do not include other homes that, while not currently delinquent, are considered likely to go into default according to CoreLogic’s calculations.

Locally, the numbers may be even higher – California is one of three states harboring the largest inventories of distressed and bank-owned homes not listed for sale. Our state combines with Illinois and Florida to make up fully one-third of such properties.

“Almost half of the shadow inventory is not yet in the foreclosure process,” says Mark Fleming, the chief economist at CoreLogic.

The analysts expect that lenders are waiting to see how strong the spring looks for real estate sales before opening the floodgates on their backlog of delinquent properties, which could result in a glut of foreclosures soon coming to market.

“As we move into what is traditionally the peak selling season for real estate, servicers will certainly be watching closely to see if now is the time to move more inventory out of the shadows,” said Anand Nallathambi, president and CEO for CoreLogic.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

A cool year in a warming pacific

Pelagic species have comfort zones
Next Article

Vista imagines car-free downtown

Following Encinitas and Pacific Beach

For every two homes currently for sale, a third is lurking in the nation’s “shadow inventory” of housing that’s either already been foreclosed by banks or is secured by seriously delinquent loans likely to fall to foreclosure, a new report from financial analysts at CoreLogic suggests.

Nationally, the shadow inventory totaled about 1.6 million units as of January 2012, an amount that’s been roughly static since the group’s last report covering October 2011.

This represents about six total months’ worth of real estate transactions, 400,000 of which are already owned by the banks that foreclosed on them.

Figures do not include other homes that, while not currently delinquent, are considered likely to go into default according to CoreLogic’s calculations.

Locally, the numbers may be even higher – California is one of three states harboring the largest inventories of distressed and bank-owned homes not listed for sale. Our state combines with Illinois and Florida to make up fully one-third of such properties.

“Almost half of the shadow inventory is not yet in the foreclosure process,” says Mark Fleming, the chief economist at CoreLogic.

The analysts expect that lenders are waiting to see how strong the spring looks for real estate sales before opening the floodgates on their backlog of delinquent properties, which could result in a glut of foreclosures soon coming to market.

“As we move into what is traditionally the peak selling season for real estate, servicers will certainly be watching closely to see if now is the time to move more inventory out of the shadows,” said Anand Nallathambi, president and CEO for CoreLogic.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

March Housing Numbers: Sales Down, Values Up

Next Article

Foreclosures Flat, but Over 4,000 San Diego Homes Are Owned By Banks

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader