Foreclosure shadow inventory will take more than 40 months to clear: Fitch

The banks have been dragging their feet for 40 months now, slowing down the foreclosure process (and adding to the shadow supply. t made a payment in more than four years, up 7% from the beginning.

NEW YORK – U.S. home buyers are less willing to buy foreclosed properties than they were six months. Shadow inventory includes houses that banks now hold but have yet to put up for sale..

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Foreclosure Backlog Could Take Three Years to Clear Clearing out the backlog of distressed housing inventory will likely take more than three years, dragging down housing prices and delaying the overall recovery of the housing market, according to a new analysis from Fitch Ratings.

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Foreclosure sales halt creates 'shadow' The shadow inventory of delinquent loans, foreclosures, and REOs stands at 7 million homes, which would take the market more than 40 months to clear, more than three years, according to Fitch Ratings.

The non-agency shadow inventory will take more than 40 months to clear, according to projections from Fitch Ratings. The ratings firm pegs the shadow inventory for non-agency residential mortgage-backed security (RMBS) loans at 1.5 million. For all loans, the total is closer to 7 million.