Shadow inventory—or pre-foreclosures—have dropped by more than a third since August of last year, Lenders Processing Services reports in the “first look” data from its August Mortgage Monitor.
Shadow inventories have now fallen to its lowest point in four-and-a-half years. Shadow inventory was once deemed a big threat to derailing the housing recovery, but that threat has been vanishing. The shadow inventory now represents 2.66 percent of all homes with a mortgage in the country, compared to 4.04 percent a year ago. Mortgage Rates Roll Back to July Levels:
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