It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data.
The agency’s latest estimate came in one month shy of the liquidation timeline determined in the fourth quarter of 2011.
While national residential mortgage liquidation rates appeared stable over the first three months of this year, these rates varied widely between local markets, which prevented any significant reduction in S&P’s months-to-clear estimate, the agency explained in its report.
Read more...Shadow Inventory: 46 Months to Clear Distressed Housing Supply via DSnews.com
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