A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006. Now a Popeyes fast food restaurant on Google Maps.

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Entry from March 09, 2013
Shadow Inventory

"Shadow inventory” is a real estate term that describes properties in foreclosure or properties that owners have delayed putting on the market (hoping that market conditions improve). The term “shadow inventory” has been cited in print since at least January 2007 and became popular when the housing bubble burst in 2008 and 2009.

“Dark inventory” was coined in 2011 and refers to commodities.

Definition of ‘Shadow Inventory’
A term that refers to real estate properties that are either in foreclosure and have not yet been sold or homes that owners are delaying putting on the market until prices improve. Shadow inventory can create uncertainty about the best time to sell (for owners) and when a local market can expect full recovery. Also, shadow inventory typically causes reported data on housing inventory to understate the actual number of inventory in the market.

Electrical Construction & Maintenance
Single-Family Housing May Level Off Mid-Year
Katie McDonald, Technical Freelance Writer
Jan. 1. 2007
While home inventories appear to have topped out, the U.S. Census Bureau’s official numbers understate the problem. According to Wachovia, these homes form a shadow inventory that will likely hang over the housing market for some time, delaying any recovery in new construction. It’s these understated inventory numbers that are largely having an effect on contractors. “From the contractor’s point of view, new work will not be coming in quickly,” Markstein said. “So if you’re offered a job, take it.”

Manhattan Beach Confidential
Shadow Inventory
Posted on Friday, December 28th, 2007 at 4:36am.
As we’ve mentioned from time to time, the holiday season is so slow, agents will often advise sellers to drop out a while if they can.

MarketTicker Forums
2008-04-07 17:30:44
Not to get too tinfoil here, but could we also be observing a good reason why the banks have resisted bringing that many REO’s to market? There is a large shadow inventory of non-preforming RE out there that is NOT on the market. Some say its because the servicing operations aren’t adequately staffed to deal with the avalanche of foreclosures, but maybe there is something else going on?

The Plain Dealer (Cleveland, OH)
National City’s financial results expected to be ‘ugly’
by Teresa Dixon Murray
Sunday April 20, 2008, 12:00 AM
Perhaps never before has an announcement about National City Corp.’s finances been so anticipated.

The Cleveland bank is scheduled Tuesday to release its first-quarter financial results. By themselves, those results would be interesting on the heels of the bank’s fourth quarter, which Chairman and Chief Executive Peter Raskind at the time called “the most difficult and disappointing in the recent history of this company.”
“And my guess is there’s sort of a shadow inventory of homes that aren’t on the market because they can’t be sold, but would come on the market if the market would strengthen.”

The Norman Transcript (Norman, OK)
April 26, 2008
Shadow inventory grows across U.S.
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.

Business Insider
The Rise Of Dark Inventory In Housing And Oil
The Automatic Earth|January 14, 2012|13,697|23
I’d like to try a little intellectual exercise. There were two pieces in my mailbox this week that concerned posts at Naked Capitalism. Though their topics have at first glance little to do with one another, there is a term that is pivotal to both. Inventory.

When it comes to real estate, it’s popularly called “shadow inventory”. With regards to commodities, the term “dark inventory” has been coined. While there are plenty of differences in the way the terms are applied, I’m for now intrigued more by - potential - similarities between them.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Saturday, March 09, 2013 • Permalink