Housing Wire cites the latest JPMorgan Chase research in reporting that banks managed to cut 1.2 million troubled mortgages or foreclosed homes out of the nation’s massive shadow inventory during this year’s first and second quarters. Progress could double by the end of December, although more than 4 million such loans and properties would still remain. Nevertheless, that would be down from the 2010 peak of 6 million.
Shadow inventory declines by 1.2m in 2012
Banks cut 1.2 million troubled mortgages or foreclosed homes from the country’s shadow inventory in the first half of this year, finds JPMorgan Chase research.
September 26, 2012