23.08.2011 - Shadow inventory improves but still threatens housing recovery
An ominous cloud is hanging over the housing market: Millions of distressed properties could be put up for sale at any moment, potentially adding to the glut of unsold homes that are already on the market and depressing home prices even further. But there is one glimmer of hope in this otherwise ominous scenario. A recent report from Standard & Poor's found that the time it would take for banks to purge all of this so-called "shadow inventory" from the market (through foreclosure sales, mortgage modifications and other measures) shrunk to 47 months during the second quarter..............................................Full Article: Source
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