S&P Puts Shadow Inventory Principal Balance at $450 Billion

The principle balance of the shadow inventory — a term that refers to properties that are at least 90 days delinquent or are in foreclosure but not yet on the market — is now at $450 billion, says Standard & Poor’s. Over the past few years the shadow inventory has grown immensely due to the foreclosure crisis and lenders' pipelines being overwhelmed. If home sales continue at the current rate, S&P expects it will take 49 months to clear the backlog. The extent of the problem varies from state to state and from city to city.

SOURCE: Housing Wire, 3/25/11

URL: http://www.housingwire.com/2011/03/25/sp-puts-shadow-inventory-principal-balance-at-450-billion