California Sending out Approximately 475,000 Notice of Defaults for 2009 yet Overall Foreclosures Declining. Shadow Inventory, Q3 Defaults, Toxic Loans. The State of the National Housing Market. California realtors in San Diego and Los Angeles counties show officially 60,000 homes for sell. The hidden or shadow inventory is more than 102,000 homes. Therefore there are in excess of 160,000 homes that are for sale. Banks and other financial companies are not truthfully reporting their exposure to the real toxic waste.

