Friday, April 15, 2011

Jefferson County Shadow Housing Inventory

Hmmm, this could get really ugly up here in NNY if there was a sudden turnover of the population or a sharp increase in unemployment considering the huge shadow inventory that S&P is reporting.



Note that according to this chart it would take over 10 YEARS to clear the shadow inventory of housing (shadow inventory is defined as mortgages that are delinquent or in foreclosure but yet to hit the market). This is probably due in part to the small number of homes sold out of foreclosure in Jefferson County every year, but it is something to be wary of.

Also note that the area around the greater NYC region looks pretty ugly.

Cheers!

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