Paralleling a decline in for-sale inventory, shadow inventory looming over the U.S. housing market hit its lowest level in nearly three years in April, according to a report from real estate data aggregator CoreLogic. Shadow inventory was down 14.8 percent year over year in April to 1.5 million units. That's a four-month supply, down from six months in April 2011 and about the same level as in October 2008. Meanwhile, unsold inventory of nondistressed active listings fell to 6.5 months in April -- a more than five-year low. "Since peaking at 2.1 million units in January 2010, the shadow inventory has fallen by 28 percent. The decline in the shadow inventory is a positive development because it removes some of the downward pressure on house prices," said Mark Fleming, CoreLogic's chief economist, in a statement. "This is one of the reasons why some markets that were formerly identified as deeply distressed, like Arizona, California and Nevada, are now experiencing...
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