Florida Flooded with Shadow Inventory

Although Florida’s shadow inventory decreased nine percent from Q1 2010 to the end of 2011, the 550,000 units still account for almost one-third of the nation’s underwater inventory of 1.6 million properties, according to CoreLogic. In its study, Florida Realtors says 28 percent of the state’s homes as of Feb. 2012 have underwater mortgages. NationalMortgageNews says the inventory of properties for sale on the market is down from 12 months a year ago to 5.9 months now, but MHProNews.com has learned the shadow inventory may not fully clear until 2020. John Tuccillo, chief economist for Florida Realtors says, “As long as these properties are present on the market, they will compete with normal properties and put a brake on potential real estate price increases.”

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