Data from the National Association of REALTORS® and other sources indicate a 20.4 percent decline in housing inventory from 2011 levels. Also, article notes that there are some issues with “shadow” inventories where many people have opted not to put their houses on the market because of the price they might reasonably expect to get. See chart here. (Chicago Agent)

Mortgage settlement office set up: It has a website, one employee and operates out of leased space in N.C. The operation, expected to grow, will oversee the $25 billion settlement between mortgage lenders and the government. (Reuters via Chicago Tribune).

Block 37 mall sold: Chicago State Street shopping center sold to CIM Group out of Los Angeles. The 305,000–square-foot complex is 30 percent leased, and sources say it went for about $84 million. (Crain’s)