Home Sales: Shadow Inventory to Linger
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Shadow inventory is casting, well, a shadow over the housing market. With around 7 million homes lurking in the wings on the verge of foreclosure
, the inventory of homes waiting to be sold could take more than 40 months to clear
. Sales delayed by the recent foreclosure crisis likely will only add to those numbers.
For the 23 states, such as Florida, which require judicial approval of foreclosures, the time it will take to work through shadow inventory will be even longer.For more on home sales, prices and related topics see these AOL Real Estateguides: