Shadow Inventory On The Rise After 2012 Foreclosure Legislation
Mar 28 2013, 8:20AM
A new report issued today by RealtyTrac says that the U.S. foreclosure inventory has increased by about 12 percent since May 2012 when it hit a five-year low of 1.3 million properties. Today that inventory stands at about 1.5 million and is up 9 percent form the first quarter of 2012. The foreclosure inventory consists of homes actively in the foreclosure process and bank-owned homes or REO.
RealtyTrac says it was the finalization of the National Mortgage Settlement in April 2012 that triggered the growth of the inventory which is driven by a 59 percent jump in properties in some stage of foreclosure. The inventory is down from a peak of 2.2 million properties in December 2010.