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.

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