Bullish Signs For Housing Bearish For Banks

``Listing prices rose again in May and the gains, while seasonally normal, are much stronger than they were last year... The shadow inventory problem is overexposed and overstated as a negative influence on future price trends, but underrated as a problem for the banks. Much of the shadow inventory is economically and functionally obsolete, is located in specific areas that will never recover, at least for the foreseeable future, and will therefore have no impact on the vast majority of markets.''