The shadow inventory of distressed properties owned by lenders and not on the market decreased 16% from this time last year, according to a report released by CoreLogic today. The 1.6 million homes not on the market represent a five month supply.A one month supply in a shadow inventory is more ideal for the housing market, but this is still an improvement over October 2010. This month last year there was a seven month supply.
California is among the six states that make up half of the current shadow inventory, along with Florida, Illinois, Texas, New Jersey and New York.
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