Has anyone heard of the phrase "Shadow Inventory"and what is it?

[Gary White]

I went to one of those Guru 3 days seminars.  It was awesome and well worth the $200 spent and the time.  The presenter talked about something he called Shadow Inventory (homes that are in default and have been for some time but have not been foreclosed on).  Wondering how much of what he said is true and what the community has for input on these.  His statement in short was that banks are about to finally foreclose on a large number of loans that have been in default, some for years.  Thoughts on this???

Thanks,

Gary