Fri, Aug 29 2008
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Published April 27, 2008 12:00 am - Dropping real estate prices in some areas of the country have frustrated some sellers. There comes a point a... Shadow inventory grows across U.S. The Norman Transcript Dropping real estate prices in some areas of the country have frustrated some sellers. There comes a point at which some home sellers decide to pull properties from the market.
Some housing experts told the Associated Press that the number of "shadow inventory" houses may be substantial. Owners pull properties and lease them to help make payments. Bankers and Realtors say Oklahoma is seeing a blip in sales but it's nothing like that of other states. The state hasn't had much experience with sub-prime lenders and rapid increases in values -- two of the primary causes of the current slump. The National Association of Realtors reported existing home sales declined two percent in March from February. Spring home sales typically pick up some as families look toward new school years and summers at a new place. Median home prices fell for the seventh month and are more than 7 percent below a year earlier. Foreclosures nationally have increased significantly. March foreclosures were up 57 percent over a year ago and were five percent higher than in February. An estimated 500,000 homeowners with problem sub-prime mortgages who can't make their payments are expected to take advantage of an expanded Federal Housing Administration program that refinances mortgages into prime-rate, FHA-insured mortgages. 
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