This story talks about the "shadow inventory". This is the inventory of foreclosed homes. These homes will drag the market down. We think this will cause an "L" shaped recovery in the home market. At the same time; we think this inventory will cause the market to slip below the natural rate of appreciation. Prime areas will feel the pain less.
US Home Prices Face Three-Year Drop as Inventory Surge Looms
Bloomberg
There were 4 million homes listed with brokers for sale as of July. It would take a record 12.5 months for those properties to be sold at that month's sales ...
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