Inventory of U.S shadow homes went down by 18% from its peak reports CoreLogic. Around 1.7 million homes in April are awaiting the foreclosure process and are moving towards the housing market. These properties make up the five months supply based on the recent sales rate.

Mortgage Bankers Association reports that delinquencies in home loans dropped 8.32% during the first quarter, way below the recorded 10.1% last year. National Association of Realtors (NAR) said that short sales and foreclosures are responsible for the 31% sales of existing homes in May in contrast to the 37% in April.