Inventory of distressed properties continues to shrink
The number of homes in some form of distress is down 28 percent from its peak in January 2010, when it reached 3 million homes, according to a report released today.
As of January, residential shadow inventory was at 2.2 million units, a supply of nine months. This figure represents an 18 percent drop from January 2012, when shadow inventory stood at 2.6 million units, according to real estate information firm CoreLogic.
Shadow inventory describes homes in some form of distress but not yet on the market.
“The shadow inventory continued to drop at double the rate in January from prior-year levels. At this point in the recovery, we are seeing healthy reductions across much of the nation,” said Anand Nallathambi, president and CEO of CoreLogic.
Last month, CoreLogic reported that 3 percent of South Carolina homes were in some stage of foreclosure as of December, down 0.7 percent from a year ago. A CoreLogic spokeswoman did not immediately report South Carolina data.
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