2.5 million homes in foreclosure, shadow inventory rising: John Burns

"The housing market is improving because there are more buyers chasing fewer homes. Skeptics of a housing bottom, however, often point to a scary set of numbers: the "shadow inventory" of potential foreclosures-the millions of mortgages that are either in foreclosure or in default.

As the approximate 2.5 million homes in foreclosure complete the process, national delinquencies will fall, and REO inventory and short sales are expected to trend upward, according to a report released today by John Burns Real Estate Consulting. In the article mentioned above, Bloomberg states:

How To Buy Pre Foreclosure Homes That dreaded shadow inventory of homes that has captured headlines and gripped the industry and market analysts with angst is beginning to make its way out of the darkness, according to ""John Burns.

More than 40,000 homes is a lot, but given that approximately 4.1 million single-family homes traded hands last year, it would mean that the rise of the private-equity landlord is still a relatively small phenomenon-about 1% of all sales in a market still dominated by owner-occupiers and mom-and-pop investors.

There are currently 562,000 bank-owned homes and 2.5 million mortgages more than 90 days delinquent in the market. 2.5 million homes in foreclosure, shadow inventory rising: John Burns Sign In

Bank of America down in mid-day trading Top Headline Bank of America Corp. (NYSE. a strong rise in its fourth-quarter profit. Equities Trading DOWN BlackBerry shares tumbled 18.66 percent to $10.25 on Samsung denial of acquisition.NAR: Pending home sales up 10.3% from last year NAR released a summary of pending home sales data showing that November’s pending home sales pace was up modestly 0.2 percent last month and up slightly 0.8 percent from a year ago. Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home

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 · Meanwhile, prices, which have been steadily zooming up over the past few years, will rise only by a paltry 2.2%-thanks to already meteoric prices in many parts of the country, along with the.

Construction spending up 0.9% in May on surge in homebuilding Separately, the slowdown in housing starts and construction spending (-5.7% and -19.9% year-over-year, respectively) follows a surge in March (10% and 66.7. but consumption will slow from the heady.

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As of March 31, 2013, the shadow inventory amounted to slightly more than 1,300 homes, or 4.4 months of supply. JBREC believes that most shadow inventory homes will gradually become distressed sales over the next few years, and the pace of distressed sales will be slow enough that home prices will not see material declines.