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Where is the Shadow Inventory of Homes in Whittier?

by The Domis Team

Have you been waiting for the other shoe to drop on the housing market? If so, you might be disappointed! The presence of the "shadow inventory" of distressed homes has been a concern in the industry for years, sidelining buyers and worrying sellers. But according to a recent report by CoreLogic, the shadow inventory is shrinking at a steady pace.

The shadow inventory consists of homes that are in some stage of foreclosure, but not yet on the market. As distressed properties put downward pressure on neighboring home values, the shadow inventory merits attention. Fortunately, the numbers have been in decline for the past couple of years:

  • January 2010: 2.1 million homes
  • April 2011: 1.8 million homes
  • April 2012: 1.5 million homes 

The shadow inventory has seen a reduction of 28% since the peak. Improved efficiencies in the handling of foreclosures and short sales, along with a reduction of new mortgage defaults, should continue to drain the shadow inventory.

In California, mortgage defaults have dropped by 28%. Meanwhile, the volume of homes on the market in Los Angeles County is down by 35%. As California was among the first states to experience the housing downturn, it is now leading the pack in housing recovery. That doesn't mean home prices will double overnight, but the demand for homes in our area is clearly outpacing supply. The majority of single-family homes in Whittier are going under contract within 30 days of the listing. 

Since foreclosures in California are typically expedited within 110 to 140 days from the Notice of Default, the distressed home inventory for our area gets absorbed rather quickly. In fact, the majority of the national shadow inventory rests in states having a judicial foreclosure process, where court backlogs have contributed to extended timelines.

The Whittier real estate market changes rapidly! If you are thinking of buying or selling a home, get the local expertise you can trust! Here at the Domis Team, we have the latest Whittier home sales data and market trends for you, plus the experience you can count on! Contact us today - we'll be happy to help you!

The Domis Team
Prudential California Realty
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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
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