CoreLogic reports that the current shadow inventory has fallen by 14.8 percent since April 2011 and now stands at 1.5 million units, or a four-month supply. Shadow inventory, also known as pending supply, refers to the number of distressed properties that are seriously delinquent, in foreclosure, and held as real-estate owned by mortgage servicers but are not currently listed. Mark Fleming, chief economist for CoreLogic, said shadow inventory has fallen 28 percent since peaking at 2.1 million units in January 2010. The decreasing number of non-listed distressed properties is a good sign for the housing market because it relieves downward pressure on home prices. The four-month supply of shadow inventory is the lowest level in nearly three years. More here.

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