Florida’s ‘shadow’ real-estate inventory ranks No. 1 in U.S.
Unlisted homes in limbo could threaten Florida’s fragile recovery.
The forecast could be dim for the Sunshine State as a looming market of distressed and discounted homes threatens a struggling recovery.
According to a new report from the National Association of Realtors, Florida’s “shadow inventory” ranks No. 1 in the nation with 441,461 homes statewide. California is in second place with 227,961 homes. Shadow homes are ones in limbo — bank repossessions, those with delinquent loans, and ones in foreclosure that are not yet listed for resale.
The size of the shadow is grim news for Florida’s home values, which could take a dive as the properties are listed and start trading hands for cheap. Palm Beach County’s median home value has proven fragile in the past year, slipping under $200,000 in January before rebounding in February to $205,400.
“That cloud just keeps hanging over us,” said Tim Becker, director of the University of Florida’s Bergstrom Center for Real Estate Studies, referring to the shadow inventory. “The question right now is: When will the homes come on the market and over what period of time?”
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