As we told you the other day, all the hubbub about shadow inventory — a flood of foreclosures and distressed sales coming down the pike — looks to have been a tempest in a teapot and much ado about nothing. A mountain out of a molehill, if you will.

The Wall Street Journal has a piece, “That New Foreclosure Tsunami? Still Waiting” in which it points out that the fears seem unjustified:

The reasoning was that because of the “robo-signing” scandal, and the subsequent foreclosure freezes, a huge number of foreclosures had been put on pause, and that the banks would eventually have to deal with their delinquent borrowers, and foreclosures would re-start in a big way.

According to data released this week by LPS Applied Analytics and CoreLogic, the waters are still relatively calm: no big waves on the horizon just yet.