Changing default and liquidation rates in various regions prompted Standard & Poor's Ratings Services to reduce its projection of how many months it will take to clear the nation's shadow inventory.
After reviewing third quarter default and liquidation rates, the agency noted signs of improvement. S&P estimates it will take 45 months to clear the excess stock.
However, with constant changes to the foreclosure process, the number appears ever-shifting. Three months ago, for example, S&P said it would take 47 months to clear the shadow inventory, those properties not yet on market, but facing eventual resale.
Read more...S&P: 45 months to clear shadow inventory « HousingWire:
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