Lastly, as an avid Openstreetmap editor, I've come across this same scenario (a named road which doesn't exist in a dense urban environment, that was imported from TIGER) a handful of times (I've encountered this much more often in rural areas too). My guess that it was an unintentional error made by the Census Bureau or a road that was planned to be built but never was.
That's basically it. They're often called "paper streets" and are usually the result of recorded but never built roads or re alignments. It used to be a major part of a cartographers work to find and remove these roads from published maps. Less so these days ; )
skora- Yep, Asbury is still found in the 2010 Tiger data, it's the governments fault.
David- I could use the work, just got laid off.