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The volume of troubled residential properties has been growing in nearly every U.S. state since 2005, but Standard & Poor’s says regional inventory levels and trends will determine the detriment of this shadow supply. In the New York City metro area, for example, the company estimates that it will take 103 months for shadow inventory to clear, assuming current liquidation rates. That’s nearly 3.5 times the national average of 34 months. By contrast, the Phoenix area has the lowest level of shadow inventory, at 16 months.
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