Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Shadow Inventory Hangs Over Real Estate Market

INDUSTRY NEWS, SHASTA COUNTY
January 8th, 2010

creeksideExperts have been trying to peg the number of foreclosed homes banks are sitting on while  pondering when to list them for sale.  Core Logic, a subsidiary of First American Title Insurance Company, estimated that number at 1.7 million as of September 2009, according to an article cited in a news release by the California Association of Realtors. This compares to 1.1 million one year earlier.

This is referred to as “shadow inventory” because it is a supply of properties not yet recognized in the marketplace. This inventory includes foreclosed homes, properties taken back through deeds in lieu of foreclosure and loans at least 90 days delinquent.

The “visible supply” according to Core Logic was 3.8 million units in September 2009 which is significantly lower than the 4.8 million units available a year earlier. At current sales rates, that represents a 7.8 month supply compared to 10.1 months the previous year.

The conclusion is we still have a huge inventory of properties to sell before the real estate market returns to normalcy. The only way this time period will shorten is if the economy in general starts adding permanent jobs that pay a living wage. Some of last year’s increase in sales activity was attributed to the federal tax credit and very low interest rates. Some fear once the incentives expire, sales will fall and home prices will follow.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS REAL LIVING

CORNER OF COURT AND PLACER IN REDDING

MORE THAN A QUARTER CENTURY LOCAL SALES EXPERIENCE

This entry was posted on Friday, January 8th, 2010 at 11:07 am and is filed under INDUSTRY NEWS, SHASTA COUNTY. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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