Brace for More Foreclosures Thanks to "Ghost Inventory"
The foreclosure situation in the U.S. may actually be worse than most people think. According to a recent article from CNNMoney.com, "ghost inventory" or foreclosed and distressed properties that banks have repossessed but have not yet put back on the market, may be making things seem better than they are because the properties do not appear in the multiple listings service. Because they are not accounted for they do not have a deleterious effect on the foreclosure stats. So, the statistics of available housing inventory could be significantly underestimated, painting a rosier picture of the market than is actually true.