SANTA ANA, Calif. (CoreLogic, Dallas Morning News, Real Estate Center) – Texas’ five major metros have some of the lowest “shadow” inventories of unsold homes in the United States.
A recent study by CoreLogic Inc. shows Austin-Round Rock-San Marcos has the lowest in the nation at 4.2 months. San Antonio-New Braunfels is next at 4.7, followed by Fort Worth-Arlington at 6.3. Dallas-Plano-Irving has the fifth-lowest inventory at 6.7 months, while Houston-Sugar Land-Baytown is seventh with 7.3 months.
Shadow inventory homes are properties that have been foreclosed on or are in the process of foreclosure but are not currently listed for sale, writes Dallas Morning News real estate writer Steve Brown.
Texas’ average shadow home inventory is 5.5 months. The average inventory among the 50 largest U.S. cities included in CoreLogic’s study is about 16 months.
For more on this, tune into next week’s Real Estate Red Zone podcast. Real Estate Center Research Economist Dr. Jim Gaines will stop by to talk about foreclosures in Texas housing markets.