Supply of new and existing homes for sale stood at 8.4 months at August’s selling rates, down from a large supply of about 11 months a year ago. Equally important, fewer homes are waiting to go on the market. This so-called “shadow inventory” consists of homes in foreclosures, those already repossessed by the lender or homes with a mortgage delinquent for 90 days or more. Mortgage-data provider CoreLogic estimates the shadow inventory totaled 1.6 million in July, down from 1.9 million a year ago.
via Housing Takes Baby Steps Towards Better Balance – Real Time Economics – WSJ.