Gleaned from The Cromford Report: "The original and purest definition of "shadow inventory" is "homes owned by lenders that are not listed for sale". When I asked an audience recently what percentage of single family homes were owned by lenders I received guesses ranging from 5% to 35%. Even the lowest of these estimates is way off the mark. There are currently 4,664 single family homes in Maricopa County owned by lenders, down 73% from the 17,595 they owned in October 2010. This represents 0.46% of the single family homes in the county. That is 1 in 219."