The Standard and Poor’s Rating Services report, as cited by the Real Estate Economy Watch blog, noted a wide regional variation in the number of overdue mortgages and houses in the foreclosure process but not yet available for sale – the so-called “shadow inventory.”
The national average to sell off the shadow inventory is 46 months, but the numbers are as high as 212 months – almost 17 years – in New York City, 86 months in Boston, 72 months in Chicago, and 71 months in Atlanta.
The totals do not include loans guaranteed by government-sponsored agencies Freddie Mac and Fannie Mae.
Other highlights of the report:
What do you think? Are there opportunities for investors in these areas? Are you in these markets? Let us know: