Quick post today.
Realtor Magazine, the official magazine of the National Association of Realtors (NAR), had an article today about the national levels of shadow inventory. What is shadow inventory? It’s another name for pre-foreclosures.
Since August of 2012, the shadow inventory for the country has dropped by more than one third. This information, as stated by Realtor Magazine, comes from Lenders Processing Services. Out of all of the homes in the country with a mortgage, now only 2.66% are in the pre-foreclosure state–as compared to a year ago when it was at 4.04%. Shadow inventory hasn’t been this low in four and a half years.
Here’s some data courtesy of Realtor Magazine:
As of July, the following states have the highest percentage of non-current loans (yet all significantly lower percentages than last year):
• Florida: 16% (down 24.1% year-over-year)
• Mississippi: 15% (-10.9%)
• New Jersey: 14.9% (-6.6%)
• New York: 12.7% (-4.4%)
• Maine: 12% (-4.7%)
Meanwhile, these states have the lowest percentage of non-current loans:
• North Dakota: 3.1% (down 15.7% year-over-year)
• South Dakota 4.1% (-11.8%)
• Alaska: 4.4% (-13.3%)
• Wyoming: 4.4% (-8.4%)
• Montana: 4.5% (-16.6%)
Nice to see people are doing better out there. Have a great weekend!