And that’s from the Florida Realtors, “The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis.”
Florida has nearly a third of the total shadow inventory nationwide. Part of this is due to what happened here during the housing recession. Part of it is due to the tie-up of potential foreclosures in the courts. In any case, the size of the inventory means that it will take years to work off.
I estimate that for Arizona the flow of bank-owned, previously foreclosed REOs hitting the market will be back in the normal range in two to three years. For Florida, “it will take years to work off” is accurate but also a huge understatement.