Google's inanchor: operator shows wrong results. It's been like this for more then 2 months. Used to work fine. Google probobly did it on purpose to confuse SEO people, so they can't find out what is the actual competition for particular keyword. Example: When you search google for "orange county real estate" - google shows following: Results 1 - 10 of about 335,000 for "orange county real estate". (0.09 seconds) When you search google for inanchor:"orange county real estate" - google shows following: Results 1 - 10 of about 10,800,000 for inanchor:"orange county real estate". (0.13 seconds) Same happens with any keyword you type in Google!
I can see your question is why the inanchor: have such a larger number. And all pages that have the link text should also be on the same page, then should show similar results. Now this is just a guess... The phrase search "orange county real estate" if found more than once on a single page, will still show 1 page. The search for inanchor:"orange county real estate", if found more than once on a single page, it will show all occurrences on the page. Thus having a larger number. This is again a guess. I guess someone like Matt Cutts or someone from Google could be able to enlighten us on how the inanchor: works.