Friday, September 24, 2010

$460 billion shadow inventory will take 40 months to clear: S&P

This vast bucket of homes more than 90-days delinquent, in foreclosure, or REO represent one-third of the non-agency residential mortgage-backed securities market and will negatively pressure housing prices until the backlog clears in more than three years' time.
This is only 90 day plus delinquency.  This doesn't include the 2 million plus homes that are 30-90 days delinquent.  A large percent of these homes will also fall into foreclosure. 

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