Shadow inventory rocked by foreclosure snafu

The Housing Wire reports:

Foreclosure time lines and an abundance of distressed home sales are causing wide fluctuations in shadow inventory across the country.

The National Association of Realtors released state-by-state data on shadow inventory Monday, calculating the data in relation to distressed property sales. On the whole, Capital Economics estimates there are 5.3 million homes in limbo between foreclosure and the sales market. Standard & Poor's states it could take up to 49 months to clear the shadow inventory books. However, the NAR numbers indicate which states are in better shape to unload these properties based on the respective proportion of distressed sales.

You'll want to read this one and check the chart.