Negative equity holding back sellers

CoreLogic: Unsold inventory in April at lowest level in more than 5 years

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Inventory of unsold homes on the market declined in April as the share of underwater homeowners rose, according to a monthly report from data aggregator CoreLogic.

The number of unsold homes on the market was at its lowest level in more than five years in April — a 6.5-month supply. While that supply level is considered "reasonably healthy," it also means that there are "significantly fewer buyers" on the demand side of the market, according to Anand Nallathambi, CoreLogic’s president and CEO.