>NEW YORK | Wed Jun 22, 2011 9:32am EDT
NEW YORK (Reuters) – The number of U.S. homes likely to hit the market soon fell compared to last year due to fewer new delinquencies and a high level of distressed sales, a real estate research firm said on Wednesday.
CoreLogic reported that the so-called shadow inventory of homes in the three months to the end of April declined to 1.7 million homes. That’s equivalent to a five months’ supply and is down from 1.9 million in the same time frame the year before.
It is also down from the peak level of 2 million homes seen in the three months up to January 2010, CoreLogic said.
Since its collapse, the housing market has remained a drag on the economy and economists say a recovery in the sector can only take place once the overhang of distressed properties is sold off.
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