At 50Hz, two homes on the same phase can be considered as being co-sited, with their loads in parallel. In the situation described, there will indeed be no reactive current from the common point where the two loads actually end up being connected in parallel (at the point on the mains distribution cable in the street where the house nearest to the substation taps off its feed), and back to the substation. There will only be reactive currents on the 'feed-in' cables from this common point to each house, so the additional losses should be minuscule.