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shadow real estate inventory

Experts Concerned About Shadow Inventory

by Moe Bedard

This “shadow inventory” of homes expected to hit the market is enough to last about 10 months, based on the average sales rate over the past decade, the Irvine, Calif., firm says.

The problem is largely concentrated in Arizona, California, Florida and Nevada. The shadow inventory is equivalent to 27 months of sales in Orlando, 24 [...]

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Bank playing games with foreclosed homes taught a lesson

by Moe Bedard

Based on the reverse foreclosure procedure, Miami Dade Circuit Judge Jerald Bagley awarded title of a home in the Keys Gate development to HSBC Bank on Jan. 12.
The home had fallen into foreclosure in 2007. Since then, the home remained in limbo, owned and maintained by the association, but with an HSBC foreclosure action pending [...]

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When will the shadow inventory will hit the market?

by Moe Bedard

Others say banks’ reluctance to record losses, combined with the government’s continued attempts to stem the foreclosure tide, could prolong the situation for years.

“When the shadow inventory will hit the market and what the impact will be are still the big unknowns,” said Dan Reynolds, the director of business development at LAMCO, a Littleton, Colo., [...]

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Homeowners in limbo real `hidden’ inventory

by Moe Bedard

Fact is there are no prescribed time periods for either scenario. Because of this arbitrary manner in which homes become official statistics, there’s a chunk of homes that miss the radar screen of economists.
This “hidden inventory,” as it is known, is the subject of much debate.
Are banks holding back properties to keep prices stabilized in [...]

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Banks hold record delinquent mortgages

by Moe Bedard

The ratio of first mortgages 90-days late in Orange County rose for the seventh straight month in July, hitting 6.7% of all loans outstanding. That’s the highest percentage since at least January 2007, when it was a mere 0.7%, and is up slightly from 6.6% in June, reports First American CoreLogic.
The percentage of mortgages here [...]

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‘Shadow’ Supply Of Foreclosures May Delay Housing’s Recovery

by Moe Bedard

“Everybody is stalled 100%; the lenders aren’t doing anything” with modifications, said Moe Bedard, president of Loan Safe Solutions, a Corona, Calif.-based firm that does mortgage auditing for attorneys. Some shadow inventory may not be listed publicly because some lenders sell foreclosures via in-house divisions, says Bedard. Or, lenders may be selling the defaulted paper to investors. But these gray market sales can’t account for all unlisted foreclosed properties.

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