S&P: 46 months to clear shadow inventory

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June 2012 S&P: 46 Months to Clear Distressed Housing Supply. The nation’s distressed housing inventory will take 46 months to clear, just enough time to slow the rate of home price declines, according to Standard & Poor’s Ratings Services data, HousingWire reported May 10.

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We estimate it will take 44 months, or more than 3.5 years, to clear the supply of distressed homes on the market in the U.S. as a whole.

Following a busy week of housing news, S&P has just posted its second quarter shadow inventory update. Here is more from S&P, including a chart showing that the months to clear the supply of.

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This "shadow inventory" jumped 10% during the past year, to an eight-month supply at the current rate of home sales, according to a report issued Monday. According to CoreLogic, a financial information provider, there were 2.1 million homes in this uncounted inventory as of the end of August, up from 1.9 million units 12 months earlier.

RealtyTrac: Buying a home is unaffordable in 18% of counties When home prices were least affordable nationwide in Q2 2006, the average wage earner needed to spend 53.2 percent of monthly wages to buy a median priced home. What this simply means is that while few will want to admit it, the bubble conditions of an unaffordable (for most) housing bubble have returned.

Standard & Poor’s, known as a leader of financial market intelligence, has revised estimates for when we can expect this much-talked-about shadow inventory to clear up. S&P now estimates that it will take 41 months-or nearly three and a half years-to get through and sell off all that shadow inventory lurking in the national real estate.