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Shadow Inventory to Take 3 Years to Clear: Standard & Poor's

The shadow inventory of distressed properties that back residential mortgage-backed securities will take nearly three years to clear at the current sales rate, according to the credit rating agency, Standard & Poor’s (S&P).

The shadow inventory is the amount of homes with delinquent mortgages yet to move through the foreclosure process. S&P narrows the definition down to the amount of outstanding properties 90 days or more delinquent, in foreclosure, or in REO status but not yet on the market.

S&P puts the total principal balance of the shadow inventory at $480bn or 30% of the entire non-agency market.

Link to the rest of the article: http://tiny.cc/vi4gc

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