homes financed by mortgage loans on which no payments are being made but have yet to be listed in a foreclosure sale.


[R]eal estate agents and mortgage brokers wary of optimism are focusing on a new term that has entered the housing lexicon: ghost inventory. Banks appear to be sitting on thousands of homes caught in limbo, neither foreclosing nor receiving any payments.


See article at: NYT 03Jan10 – Real Estate in Cape Coral Is Far From a Recovery




[S]ome economists see more weakness ahead [in the housing market], based on the so-called shadow inventory of foreclosures that haven't yet been put up for sale.


See article at: WSJ 26-27Feb11 – Housing: Is It Time to Buy?