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Shadow inventory down 28% from peak

CoreLogic: 2.2 million distressed properties likely headed to market

The "shadow inventory" of distressed homes likely to hit the market fell 18 percent in January from a year ago, to 2.2 million homes - about nine months of supply at the current rate of sales, according to a new report by loan data aggregator CoreLogic.Shadow inventory includes a percentage of homes that are seriously delinquent or in foreclosure, plus those held in lenders' real-estate owned (REO) portfolios but not yet listed for sale on a multiple listing service. CoreLogic estimates that shadow inventory peaked at 3 million homes in January 2010, and has fallen 28 percent since.The main driver of shadow inventory, serious delinquencies, were down 40 percent from a year ago in Arizona, 33 percent in California, 27 percent in Colorado, 25 percent in Michigan, and 23 percent in Wyoming. Florida, California, New York, Illinois and New Jersey accounted for 44 percent of all U.S. distressed properties, CoreLogic said.Anand Nallathambi, president and CEO of CoreLogic, said in a...