‘Shadow inventory’ of homes could topple real-estate recovery - Business - MiamiHerald.com
Officially, there are 3.5 million homes for sale nationwide. But there are millions more lurking in the shadows — hidden neatly away on banks’ balance sheets, stalled in foreclosure court proceedings, or simply occupied by nonpaying owners as lenders wait months or years before taking action.
Read more: http://www.miamiherald.com/2011/10/15/v-fullstory/2456154/shadow-inventory-of-homes-could.html#ixzz1awa0ifi1
Thanks to Fred Pilot for this link. This article documents what many people in the real estate industry are talking about among themselves. I spoke with one attorney Friday who said he thinks it will be seven years before housing prices start going up and construction of new homes takes off again. Check out the map that accompanies the article. It's perfect for Halloween--Attack of the Zombie Real Estate.