What Happened to the “Shadow Inventory” of Foreclosures….?
Last winter, the news media was all excited about the shadow inventory of foreclosures that were going to catch us all by surprise, and tank the real estate market again. Well…It is well known that I have very little affection for the mainstream media, and my sentiments have been re-enforced yet again. The shadow inventory hasn’t appeared (in fact, any record at the courthouse, were foreclosures happen, seems to have disappeared), and new foreclosure filings are way WAY down, all a result of home buyers coming off the fence to take advantage of the change.
While there are still foreclosures that will come and go for the next couple of years, it appears that the worst of it is over. Of course, we are in the most delicate stage of the recovery, we are in an election year, and the federal legislature couldn’t agree on the color of the sky…but maybe if they can’t do anything, then they won’t do anything wrong.
So it looks like we may have a recovery happening in the Ft. Lewis area real estate market. Inventory is way down, prices are starting to creep up, and there is optimism in the air. This is a great time to add a home or two to your portfolio.