Shadow Inventory refers to real estate that is either in foreclosure or homes that owners are delaying putting on the market until prices improve.
One thought is that Albuquerque home sales can\'t rise until the foreclosure and short sale backlog inventory is sold. In some areas that is not happening fast enough but in Albuquerque, NM we seem to be moving through our distressed inventory quickly. May 2012 has seen a 56% increase in short sales over the same period in 2011. In February of 2011 the Albuquerque MLS had 378 REO properties. Only 118 were on the market in 2012.
So the only missing key element to a complete recovery some would speculate is more local jobs in Albuquerque. I would add another key component -for banks to come up with win/win loan packages that can stand the test of time, or another recession over the course of a 30 year mortgage.
Contact: 505-980-7788
Jim Gross -- Keller Williams Realty, Albuquerque NM
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