It was down 28 percent from its 2010 peak of 3 million units.
The value of shadow inventory stood at $350 billion, down from $402 billion a year ago.
“The shadow inventory continued to drop at double the rate in January from prior-year levels. At this point in the recovery, we are seeing healthy reductions across much of the nation,” said Anand Nallathambi, president and CEO of CoreLogic in a press release.
Here are some details from the report:
- As of January, 1 million units are seriously delinquent and represent 4.1 months’ supply. 798,000 are in some stage of foreclosure and represent 3.2 months’ supply, and 342,000 are already held as real estate owned (REO) and represent 1.4 months’ supply.
- 5 states, namely Florida, California, New York, Illinois, and New Jersey represented 44 percent of all shadow inventory in the country. 16 percent of America's shadow inventory is in Florida.
- In the 12-months to January, Arizona, California, Colorado, Michigan and Wyoming saw the biggest decline in distressed properties. Arizona led with a 40 percent decline.
Here's a look at months' supply of shadow inventory – time taken to clear inventory at current sales pace:
