So to answer your question the number of listings that are listed do not include the "Shadow Inventory". Are all the homes you see listed available?? No
Any other questions or ideas you may have let me know,
Broker / Realtor
3500 W. Olive 3rd fllor
Burbank, CA 91505
The first answer below answers you question very well. I wrote a blog post back in Sept 09 that is still getting many views that you may find very useful as well (there's also a link regarding Loan Modifications that might get your blood boiling too):
If you are looking to stay "in the know" regarding the status of Shadow Inventory I would suggest you check out foreclosure radar's ongoing monthly reports. Here is the latest one dated 6/16/10 for the month of May.
No. Burbank inventory has been increasing. In January the number of homes including condo's that were on the market was around 185 at any given time. Now the inventory is hovering around 225. That is total inventory that is on the market.
Currently there are 697 homes including condo's and duplexes that are in some form of trouble. This includes homes scheduled to be auctioned, homes that are in what is called pre-foreclosure or that are in foreclosure. There are a couple of websites that help potential buyers to see what is coming or what is on the market. Try taking a look at http://www.dilbeck.com and click on the Home Search button. Then click on the Residential tab. Next, scroll down until you see the button that says Search Foreclosures. This is updated every day to allow buyers to look at new foreclosures.
There are other places to look to see what properties are owned by banks. Even on Trulia you can see which ones are listed by Realty Trac. These are ones that have received a Notice of Default. A good real estate professional can help you get these lists if you are interested. Please send me an email.
Hope that helps.