6 things you didn’t know about the Shadow Inventory
- The shadow inventory consists mostly of distressed properties that are expected to sell at discounted prices.
- The shadow inventory will impact the housing values of the non-distressed homes in the area by absorbing some of the buyers.
- Foreclosed homes that have been on the market for less than a year sell for 35 percent below value.
- High inventory creates a buyers’ market; low inventory creates a sellers’ market.
- As of March, 2012, New Jersey has the worst shadow inventory in the US at 65 months worth of properties.
- In Southern California, 50% of all homes for sale are short sales, indicating that banks are becoming more willing to sell homes at a loss.
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