Shadow inventory refers to the hidden backlog of foreclosures or potential foreclosures that have yet to hit the market. That still leaves the nation with a massive problem: Millions of properties in foreclosure – a backlog that has overwhelmed the courts in many states.
The backlog in Florida has been so severe that the state has set up separate courts and brought in retired judges to handle foreclosure cases.Government. homes and are believed to have fraudulently.
The problem may be most severe in Florida, which has the highest number of foreclosures in the country, according to Rick Sharga, senior vice president at RealtyTrac, a foreclosure information service.
Short sales can be time-consuming. Depending on the lender’s backlog of short sales, the process can take up to 12 months. What is a foreclosure? Unlike a short sale, a foreclosure is initiated by the lender. In foreclosure, the homeowner has defaulted on their loan and the ownership of the home reverts to the bank or lender.
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"The government has a pretty big chokehold on the foreclosure process," says Madeline Schnapp, the director of macroeconomic research at trimtabs investment research. But that also means that there is.
Banks Aim to Clear Foreclosure Backlogs Banks are trying to capitalize on rising home prices by selling seized homes more quickly. States with some of the largest backlogs of foreclosures are seeing an upswing in properties that are moving to auction for quicker sales since last July, according to RealtyTrac.
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Presumably this is because the process was put on hold during the foreclosure processing scandal a while back and that created a backlog that is only now being. It does make me wonder if there’s.
Hidden Backlog of Foreclosures That still leaves the nation with a massive problem: Millions of properties in foreclosure – a backlog that has overwhelmed the courts in many states. In Florida, judges believe the answer may be.
from an average 19.4%. A couple of charts can help put this in context. Here is a chart from Hidden Backlog of Foreclosures. Pent Up Foreclosures By State In regards to the above chart I said. The.
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