Recently the team at CoreLogic, one of the nations premier Real Estate research firms, released a report on the lessening of shadow inventory in the United States. Shadow Inventory is the
number of homes that are either seriously delinquent or in the process of foreclosure. At MACK,
we see this as a good thing!
The lessening of shadow inventory shows how the current market is working its way through
the glut of distressed inventory. We are the largest redeveloper in all of the Midwest and are
currently on pace to move through 200 homes per year…an impressive number, but a only a drop
in the ocean of the 1.6 million still in the “shadows”. We have always contented, that there is
business out there for us all, MACK alone can’t work through this inventory!
Increased investor activity, loosening of banking standards, and government sponsored
homeowner refinances have all played a part in lessening this inventory. As shadow inventory
levels decline, a higher percentage of sales in the market will become non-distressed and
eventually higher/more stabilized home prices
will follow.
Good for us all!
- Mike Lane
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