"Shadow Housing Inventory" Put At 1.7 Million In 3rd Quarter

As of September 2009, First American CoreLogic estimated there was a 1.7-million-unit pending supply of residential housing inventory, up from 1.1 million a year earlier. Pending supply, sometimes referred to as “shadow” inventory, estimates real estate owned (REO) by banks and mortgage companies, as a result of foreclosures and other actions, such as deeds in lieu, as well as real estate that is at least 90 days delinquent. Normally shadow inventory would not be included the official measures of unsold inventory. At the current sales rate, the pending months’ supply is 3.3, up from 2.4 months a year ago. The months’ supply measures how quickly the inventory will run off given the current sales rate.

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