2.6M of Shadow Inventory To Be Resolved [INFOGRAPHIC]
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The Morris Somerset County regions of NJ will have a large percentage of foreclosures relative to previous years. Prices may still decline a bit as the distressed properties sell and are used as comps. I’d expect prices to stabilize once the Morris and Somerset NJ areas sell off the existing shadow inventory.
According to Core Logic:
2009 – 888,000
2010 – 792,000
2011 – 748,000
What part of the total shadow inventory does this represent?
Shadow inventory is measured in different ways by different organizations. If we look at it based on CoreLogic’s methodology, it represents about half.