'Shadow' housing inventory seen topping 2 million

The shadow supply of homes set to hit the U.S. housing market jumped more than 10 percent from a year earlier to 2.1 million units in August, suggesting prices will continue to decline, a mortgage data firm estimated on Monday.

Based on the number, it would take eight months to work through the shadow inventory, compared with five months a year ago, the firm, CoreLogic, said. Shadow inventory includes properties whose borrowers are at least 90 days delinquent or those in foreclosure or already foreclosed and not yet listed for sale.

Together with the 4.2 million homes on the market, it would take 23 months to work through supply at the current pace of sales, up from 17 months a year ago, the firm said.

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- Posted: 2010-11-22 12:18:09

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