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I don't think anybody is that dumb. They're buying the properties because they can make a decent rental profit, not because they're delusional.
Even the biggest of Ponzi enablers, JP Morgan Chase, doesn't claim there isn't any "shadow inventory":
People just disagree on the numbers, and how it will have an effect on the market. But the homes aren't really in the shadows.
It looks like the outflow exceeds the inflow. We should be out of the housing mess within a couple of years.
I think at minimum, 3-4 years. That's assuming the fundementals such as unemployment, growth, etc correct as well.
If unemployment remains high, and we continually hit debt ceilings, I think all bets are off.
One thing is for sure, we're not out of the woods quite yet.
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According to Foreclosureradar.com, there is no shadow inventory, so good luck to those waiting for a flood of houses to go on the market...
http://www.contracostatimes.com/ci_21312143/bay-area-foreclosures-jump-july
#housing