Hidden Backlog of Foreclosures

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RealtyTrac warns that as many as 1 million foreclosure actions that would have taken place this year will be pushed into 2012. The firm also says they do no expect to see home price appreciation until.

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Not every foreclosure is a bargain, and some can morph into unexpected nightmares. There are drawbacks to buying foreclosures. Still, some foreclosed homes are diamonds waiting to be polished. Inexperienced foreclosure buyers might want to hire a real estate agent for guidance and assistance.

RealtyTrac vice president daren Blomquist says that although New Jersey has seen a 42 percent increase in foreclosures in the first quarter, a 12 percent decrease in March could be a sign of change.

Distressed sales brokered by HomeServices used to be 60 percent foreclosures and 40 percent short sales, Peltier said in an interview at Bloomberg headquarters in. “There’s a huge backlog of homes.

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But that also means that there is a hidden backlog of home loans in default that could end up in foreclosure. Moody’s Economy.com estimates that lenders will foreclose on 1.89 million homes in 2009, up from 1.43 million last year.

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The "Hidden Backlog" mentioned above (and highlighted in red) is within that pink area. One thing missing from the chart is pent-up demand from those who are not delinquent yet have a huge incentive to walk because of massive negative equity.

Shadow inventory refers to the hidden backlog of foreclosures or potential foreclosures that have yet to hit the market. That still leaves the nation with a massive problem: Millions of properties in foreclosure – a backlog that has overwhelmed the courts in many states. In Florida, judges believe the answer may be.

"Virginia and Richmond don’t have the hidden backlog of legacy foreclosures still trickling through the pipeline," Blomquist said. "For the most part, that backlog has been cleared out."