Doublewide, the phantom inventory discussed would be the homes you see that are, or appear to be vacant. The homes that you see that have signs in front of them are not what I would call phantom because they are being marketed, the listing agent is literally waiting for the lender to price it and then it will be on the MLS. So phantom inventory includes homes owned by lenders but not actively being sold or attempted to be sold. Other people may include homes that are in the foreclosure process and though they are not owned by the lender they may be owned by the lender soon. Also there are people living in homes for free right now because the lender is not pursuing foreclosure. Some people may add this to the phantom inventory as well.