The Seattle area has more than a year's worth of distressed home inventory, but most big metropolitan areas are worse off, according to a new report.

CoreLogic calculates distressed supply by dividing the number of properties that are at least 90 days delinquent on their mortgages by the number of sales. These homes stand a good chance of ending up on the market as foreclosures or short sales -- where a lender accepts less than the home is worth to avoid foreclosure -- further straining the fragile housing market.

"The weak demand for housing is significantly increasing the risk of further price declines in the housing market," CoreLogic Chief Economist Mark Fleming said in a news release. "This is being exacerbated by a significant and growing…

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