CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, has released its August National Foreclosure Report with a supplement on quarterly shadow inventory data as of July 2013.
According to CoreLogic analysis:
- There were 48,000 completed foreclosures in the U.S. in August of 2013, down from 72,000 in August 2012, a year-over-year decrease of 34%. On a month-over-month basis, completed foreclosures increased 1.3%, from 47,000 in July 2013.
- Overall residential shadow inventory, as of July 2013, was 1.9 million homes, accounting for a value of $293 billion, representing a supply of 3.7 months. This was down 22 percent from a year ago, when it was at 2.4 million; and down 38 percent from its peak in 2010, when it reached 3 million homes.
"Over the past year, the value of the U.S. shadow inventory dropped by $87 billion—a sign of increased normalcy in the housing market,” said Anand Nallathambi, president and CEO of CoreLogic. “With a year-over-year decrease of 22% in July, the shadow inventory has now declined steadily for 10 consecutive months.”
CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure or held as REO by mortgage servicers, but not currently listed on multiple listing services (MLSs). Transition rates of “delinquency to foreclosure” and “foreclosure to REO” are used to identify the currently distressed unlisted properties most likely to become REO properties. Properties that are not yet delinquent, but may become delinquent in the future, are not included in the estimate of the current shadow inventory. Shadow inventory is typically not included in the official reporting measurements of unsold inventory.
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