It’s the million dollar question: “How many Foreclosures are the banks waiting to list?”
It’s a question we are asked constantly, and the problem is that most answers are anecdotal or sourced from just one asset manager or bank contact at a time. Few actual data studies are done on the subject, so when we see any report detailing the “shadow inventory” of Denver foreclosures or Colorado Springs foreclosures, we pay attention.
Yesterday, The Colorado Springs Business Journal reported on a study done by CoreLogic and the news for Colorado was terrific. According to their data, the amount of shadow inventory in Colorado has dropped by 26% over the past 12 months.
From the Colorado Springs Business Journal:
The amount of shadow inventory in Colorado dropped 26 percent in the 12 months that ended in January, according to a CoreLogic report released today.
The drop was one of the largest declines in shadow inventory in the country and represents a national trend. Shadow inventory includes all delinquent mortgages, those in foreclosure and those homes that have gone through the foreclosure process but aren’t yet listed for sale with a multiple listings service.
The entire article and report is worth a read.
We’ll continue to post any and all reports we find on foreclosures and the shadow inventory that remains had to quantify. In the meantime, all of the data we are seeing is positive and as we have said before, Colorado was one of the first states to enter the foreclosure mess and is consistently showing itself to be one of the first to emerge from it.