An analysis of "shadow inventory" published by Standard & Poor’s Ratings Services showed considerable variations in 20 major markets that could indicate where prices will stabilize or decline.

The analysis — which did not include homes purchased with mortgages backed by Fannie Mae and Freddie Mac — concluded that the time needed to clear shadow inventory ranged from a low of 18.5 months in the metro Phoenix area to a high of 103 months in the greater New York City area.

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