The New York metropolitan area is leading the country with 103.1 months worth of shadow inventory — distressed properties that haven’t come on the market yet — according to property appraiser Jonathan Miller, who analyzed just-released data from Standard & Poor’s (see the full report below). That’s more than eight-and-a-half years’ worth and a 3.3 percent increase over the shadow inventory level in the region last year at this time. Trailing New York by a long stretch is the Miami metropolitan area, which has 61.8 months of distressed properties in the pipeline, down 8.1 percent year-over-year. Despite that improvement, Miller points out that 61.8 months of shadow inventory — upwards of five years — is nothing to brag about. [Matrix]