Comments on: Shadow Inventory – What Will Its Impact Be on The Charlottesville Real Estate Market

By: Charlottesville Real Estate Market – Inventory Update 2010 | RealCentralVA.com

Thu, 07 Jan 2010 20:46:40 +0000

[...] level of shadow inventory in the Charlottesville [...]

By: Charlottesville Market Report – First Half 2009

Charlottesville Market Report – First Half 2009 — Mon, 13 Jul 2009 05:03:51 +0000

[...] First – Not much has changed since last month’s market report. Nor is my advice any different than in January of this year: [...]

By: Kim Adamof

Kim Adamof — Fri, 09 Jan 2009 00:27:07 +0000

The smart For Sale By Owners will post online somewhere so you can find them. The even smarter ones will get into the MLS even if it’s with a discount broker. The foreclosures are easier than the short sales to find. I don’t know where you are from but in NC to find a foreclosure, you check the courthouse for the upcoming foreclosure auctions. Please be careful about paying a company to send you foreclosures. I don’t trust their accuracy. You can also do a record search with the register of deeds. If you want more info on this process, I’d be happy to explain better via email. Short Sales are just about impossible to track or find. This is a preforeclosure situation where the owner owes more than they can sell for. It’s much more common in our marketplace to make a comment in MLS that it’s a short sale so I can search for those keywords. For this article, short sales are distressed properties but won’t show in the numbers because they haven’t been completely foreclosed on.

By: tc

tc — Thu, 08 Jan 2009 21:16:54 +0000

How do realtors (or do they) learn about and show these properties? How does a buyer tap into the shadow inventory?

By: Kim Adamof

Kim Adamof — Thu, 08 Jan 2009 16:41:26 +0000

There are also For Sale By Owner houses sold that aren’t taken into account through the MLS but compete with resales and foreclosures. These can throw off the stats. I’m doing alot of short sales right now. These are distressed properties but not labeled in MLS as foreclosures so its very hard to quantify their affect on the “distressed” stats. This is fascinating and I’m going to do more research in my neck of the woods.

By: Jim Duncan

Jim Duncan — Thu, 08 Jan 2009 01:41:47 +0000

JT – I think you’re right; that’s a limitation (I believe and will verify shortly) with Google Docs … I’m checking.

By: JT

JT — Thu, 08 Jan 2009 01:38:30 +0000

RE the shadow market
In the text of your post, you said the foreclosure inventory in Albemarle and C’Ville was .03% (i.e., .0003) or .02% (i.e., .0002), but in the calculation of the shadow inventory, you appear to have used .06 (i.e., 6%). Unless I’m misreading, which is entirely possible, this appears to have introduced a significant error in your figures. Three times .0003 and .0002 would equal .0009 and .0006. So in Albemarle, the number of shadow foreclosed housing units would equal 39802 x .0006 or 24 houses, not 2400. Right?