Shadow inventory could lead to lower home prices

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Shadow inventory could lead to lower home prices

August 3, 2010 - Experts say that now is a great time to consider moving into a new home, and a new report may add fuel to that discussion.

Citing data from real estate data firm Altos Research, HousingWire reported that home prices should continue to drop throughout the rest of the year and into 2011. Any bounce-back for home prices would be contingent on the inventory of homes currently on the market, said Altos. The company expects that inventory of homes to swell as a wave of new foreclosures hit the market - those that had been held back by lenders reluctant to add to the overstuffed foreclosure market.

"The shadow inventory in each market has momentum," the company's vice president of data analytics, Scott Sambucci, told HousingWire.

In their most recent report, Standard & Poor's said that home prices were actually up in May, though that could be the residual impact from the federal homebuyer tax credit. Mortgage rates remain low, and falling prices could make buying a home more affordable than ever.

A person who is relocating to a new area should first consider the prices in that area and weigh it against other factors, like crime rate and education opportunities.

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June, 2012

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