We often report on shadow inventory and its impact on home prices. We are pleased to announce that CoreLogic just reported that the amount of shadow inventory has fallen to levels not seen since 2008.Mark Fleming, their chief economist, explains:
“Since peaking at 2.1 million units in January 2010, the shadow inventory has fallen by 28 percent. The decline in the shadow inventory is a positive development because it removes some of the downward pressure on house prices. This is one of the reasons why some markets that were formerly identified as deeply distressed, like Arizona, California and Nevada, are now experiencing price increases.”
For a copy of the full result, click here.