There is no Shadow Inventory, other than the WIP or Works In Process. It takes time to evict occupants, repair homes, get utilities on and the appraise and assign them to be listed for sale. Here in metro Phoenix as any given time there are about 8,000 homes vacant and not listed for sale. They are in the que. Then there are another 6,000 between those listed for sale and those Pending, ready to close. That is your Shadow (2 comments)