You are correct AN. The home is not shadow inventory. No difference between a bank owning the rental or an individual being the owner. There have been several announcements about distressed inventory rental programs.
[quote=SD Realtor]You are correct AN. The home is not shadow inventory. No difference between a bank owning the rental or an individual being the owner. There have been several announcements about distressed inventory rental programs.[/quote]
I see. I guess I was referring to the fact it was on the market, taken off, and not sold.
In my case I never had a mortgage. I’m wondering if banks are starting to favor renting out properties instead of selling. Inventory is awfully low right now.
At the beginning of the year I posted that this year we would a variety of measures that would continue to manipulate real estate prices via inventory reduction. This is just another one of them.
Shadow inventory formal definitions vary in the eye of the beholder. Some would consider this home shadow inventory, I would not. Other examples would be homeowners in default. Others would be homeowners not in default but upside down. It all varies.
The bottom line is that programs like this will indeed help achieve the goal of removing inventory. Note that I don’t agree with this but this is reality. Better to face it and understand it then deny that all of these programs together are making a difference.
By the way, the participants in all these programs are taken care of…us taxpayers are making sure of that.
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