Foreclosures may ease shortage of homes for sale [Sun Sentinel]

More than 56,000 homes in Palm Beach and Broward counties make up a so-called shadow inventory — properties in some stage of foreclosure that have yet to hit the market, according to RealtyTrac Inc.

That’s an increase of 55 percent from a year ago and offers hope to prospective buyers frustrated by a persistent shortage of homes for sale. Local Realtor boards say listings have dropped by about half from last year at this time.

“Every day, I look to see what homes come on the market, but I haven’t found one I like,” said Ryan Bivens, 33, a Broward resident who works for an aviation parts manufacturer. “The good ones get contracts within a day. I want to be in something as soon as possible, but the market will dictate that.”

Although the pipeline of homes in foreclosure suggests that Bivens and other buyers eventually will have more to choose from, some analysts wonder how much of the shadow inventory the general public will actually see.

Read more of “Foreclosures may ease shortage of homes for sale” by Businessweek

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