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Can Shadow Inventory Help Relieve Price Pressure?

By Lawrence Yun, Chief Economist, NATIONAL ASSOCIATION OF REALTORS®

Home prices grew at the fastest pace in seven years in 2013. This is good news for property owners, both homeowners and landlords, as they witnessed, on average, a $32,000 gain in housing equity over the past two years.  The equity increase is an immediate financial gain for many.  For others, it marks only a partial recovery.  That is, at the depth of the downturn there were about 12 - 13 million underwater homeowners.  Now, that figure has been essentially slashed in half.

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