Bank of America Paces Release of Shadow Inventory in Nevada
Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, about 500 a month, according to the Las Vegas Review-Journal. At a panel discussion sponsored by the Nevada chapter of the National Association of Hispanic Real Estate Professionals, John Ciresi, VP and portfolio manager for Bank of America in Towson, Maryland, explained just how “clogged” the pipeline has become.
Throughout the country, estimates of homes being taken back by Bank of America range from 11,000 to 14,000 a month in the early part of this year to 29,000 to 35,000 by November and December.
The latest market report from First American CoreLogic puts the industry’s total shadow inventory at about 1.7 million. Studies from others, such as Amherst Securities say it’s closer to 7 million
