You're speculating that these "phantom" inventory will become rental. Mira Mesa have no new housing inventory, so I don't see how these "phantom" inventory will affect rental rates. The rest of your argument are speculations as well. I don't see data to support your argument. To me, it's no better than the "we're running out of land" argument from the perma-bulls.
Here's the data from ForeclosureRadar.com 🙂 Take a look at the picture. Each one of the bubble is a "distressed property". Note on the lower right hand side: "showing 200 of 457"
