From October 2011 to October 2012, the national shadow inventory decreased to 2.3 million units – that’s down 12.3%. Current inventory is looking like a seven month supply and in terms of dollars we are looking at $376 billion. Seriously delinquent properties represent 1.04 million of those units, while 903,000 are in foreclosure, and 354,000 are REOs according to CoreLogic. That means that over half of the shadow inventory are delinquent, but not yet in foreclosure.
By the end of October 2012, California ranked second in serious delinquencies and saw a 9.7% decline. At the same time in the state, home sales have jumped 15% and prices 19% year over year.