Just yesterday, someone asked me about the shadow inventory in Phoenix. That’s all the houses that are likely to be repossessed by a lender or already in the lender’s real estate owned (REO) inventory.
Conveniently, the Phoenix Business Journal also published:
Phoenix 30th in shadow inventory of homes
Which states:
"And despite many gloomy reports about this market, the Phoenix metro ranks 30th among the 50 largest cities in the firm’s list released today. The entire state of Arizona has an average inventory of 13 months."
… and has maybe a bit of positive spin to it.
Then, I followed one of the links in the article to find this perspective:
RL Brown: No silver lining in down housing numbers
While Brown believes that foreclosures will begin to stabilize next year, real recovery is not forecasted until 2013.
If you look at this Cromford Report chart on Foreclosures Pending in Phoenix Metro, you can see that there is almost a 20% decrease since March of this year. Forty thousand pending foreclosures is still way too many, especially when compared to the beginning of 2007.
However, the good news is that we are seeing some improvement. It’s just taking a lot long than everyone was hoping for.
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