MIAMI (CBSMiami) – Another setback for South Florida’s struggling housing market lies is just beneath the surface – thousands of homes that make up the so-called “shadow inventory.”
Not listed on the books yet as foreclosures, CBS4 news partner The Miami Herald reports there could be as many as 200,000 stuck in court proceedings, stalled in foreclosure court proceedings, hidden by banks’ balance sheets or still being lived in by non-paying owners. This number is startling considering there are only about 30,000 homes listed on the active market.
Real estate experts believe we could see another five years of slow real estate growth as these ‘shadow homes’ come onto the market.
Click Here to read more about this story.