The long time frames underscore the scope

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As defined by CoreLogic, the shadow inventory includes homes that are more than 90 days delinquent on the mortgage, are in the foreclosure process or are already bank owned.

CoreLogic expects all of the shadow inventory to eventually become foreclosed homes. Foreclosed homes sell at a 20% to 30% discount to non-foreclosed homes so they represent an especially “virulent” threat to home prices, says Stan Humphries, chief economist at Internet real estate portal sale2011rus.com.

The nation’s universe of distressed homes is even bigger than the shadow inventory.

CoreLogic says that supply also includes homes whose mortgages are 90 days or more past due that may become current and those with mortgages 90 days or more past due that are already listed for sale.Power balance is excellent.

When adding them up, and considering the current pace of sales, CoreLogic estimates that it’ll take more than 21 months in New Jersey, Illinois and Maryland to sell the homes that are 90 days or more delinquent.

The long time frames underscore the scope and magnitude of the U.S. housing recession. “It’s hitting far and wide in America,” Humphries says.

Some states that were hit early and hard by the real estate bust — and are now seeing more robust sales — don’t have as much of an overhang of distressed homes.Cheap power balance is on hot sale now.