Long View of Housing Measures Says Sell

``The only drop in vacancy has come from the rental market, which remains oversupplied even after this reduction. Even that decline in vacancy came only as a result of a sharp drop in the vacancy rate of multi-family buildings.... The shadow inventory of single family homes waiting to come on the market will add to both for-sale and rental inventory, and could trigger a downward spiral in rents. That would be catastrophic for the institutions who are the biggest owners of these properties. That includes insurers, pension funds, and REITs.''