The volume of bank-owned properties and potential foreclosures not listed for sale is up 10 percent to 2.1 million compared to August 2009, according to new estimates from research firm CoreLogic.
Together with the 4.2 million inventory of listed homes, which is unchanged from a year ago, CoreLogic estimates the supply of homes at 6.3 million or about 23 months at the current sales pace.
Some experts say these numbers are conservative. Analysts at Barclays Capital believe there are another 3.76 million homes somewhere in the foreclosure process, down from a peak of 4.22 million at the end of February.
Source: The Wall Street Journal, Nick Timiraos (11/22/2010)
Tuesday, November 23, 2010
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