just emphasizing how big this phantom inventory really is, here’s a condo complex in Chula Vista, total of 8 homes on the MLS:

[img_assist|nid=8040|title=for sale inventory|desc=|link=node|align=left|width=329|height=486]

here’s the RealtyTrac map showing the amount of distressed properties (the condo complex is circled):

[img_assist|nid=8041|title=reo inventory|desc=|link=node|align=left|width=400|height=150]

(click on image for clearer view)

http://bubbletracking.blogspot.com/2008/06/bottom-calling-did-you-call-peak.html