In another positive sign for the housing market, the nation's so-called shadow inventory of properties in the foreclosure pipeline fell by more than 10 percent in July from the same period a year before, CoreLogic reported Tuesday.
The Irvine-based tracking firm said the number of housing units
in jeopardy of foreclosure, or which have been repossessed by lenders
but not yet listed for sale, dropped from 2.6 million in July 2011 to
2.3 million in July 2012.
"Broadly speaking, the shadow inventory
continued to shrink in July," said Anand Nallathambi, president and CEO
of CoreLogic. "This is yet another hopeful sign that the housing market
is slowly healing."