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Levels of shadow housing high in New York, Boston

February 8, 2011 - Two Northeast markets have the highest level of shadow inventory in the country, complicating relocation plans for many sellers there.

Standard & Poor's reported that it would take 71 days for the Boston metropolitan market to eliminate its supply of shadow housing - a term used to describe foreclosed properties that have not yet hit the sales market. That fourth quarter figure was up 14 percent from the previous period and 30 percent year-over-year, but it wasn't the most severe figure on the report. New York's shadow inventory sat at a whopping 130-month supply, said the report, up 9 percent on a quarterly basis and 31 percent year-over-year.

New York's supply of shadow housing was 2.7 times the average for the country as a whole - which was a 49-month supply. All but one of the 20 metropolitan statistical areas the S&P surveyed reported higher levels of shadow inventory. Miami's supply remained unchanged from the previous quarter and from a year earlier.

While inventory was high, experts said mortgage borrowers are doing a better job of staying current on their loans.

Other reports also show borrowers are becoming at-risk for foreclosure at a slower rate. The S&P and Lender Processing Services both released reports in December showing mortgage defaults and delinquencies were declining.
 

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