What is Shadow Inventory?
Most of us will agree that "shadow inventory" comprises of properties that are bank owned that are not on the market for sale yet and can also include homes that will fall into foreclosure when loan modifications or short sales are not transacted.
Where Does the Chicago Market Stand?
I just read an article that referenced an analysis of “Shadow Inventory” published by Standard & Poor's Rating Services. The analysis did not include any mortgages backed by Fannie Mae or Freddie Mac. I was eager to see if Chicago would be listed in the article, and it was. The areas that were hit the hardest, such as Phoenix, Las Vegas, Detroit, San Diego, San Francisco, etc., currently have the least amount of shadow inventory. It is…