The S&P (Standard & Poor)’s rating service states that it will take four years to clear “shadow inventory” from the real estate market, according to their recently released report from the end of 2010.
“Shadow Inventory” is the number of houses where the homeowners are more than 90 days delinquent on their mortgage payments.
The Baltimore real estate market has be faring a bit better than the national average, so our shadow inventory is hopefully much much less!
There are bits of good news with this, as the S&P report shows that it is up 11% over the previous quarter, but the overall level of distressed properties has fallen since it’s height in March of 2010, and loan modifications and short sales have been helping the situation.
If you are facing foreclosure in Baltimore, please contact me. You may have other options available to you!