Looking at the latest news from Fannie Mae (about the housing market, not about Fannie itself), the Atlantic noticed what might be a trend: Housing prices seem to be moving up steadily.

Here’s the Fannie chart — the arrow is ours:

A trend?

“From the chart,” writes the Atlantic, “it looks like Fannie and S&P/Case-Shiller both agree that home price declines are slowing. Does that mean happier days are coming for the housing market?”

The answer, though, is “Not necessarily.”

The big caveat here is that foreclosures have been artificially slower this year due to banks revamping their processes after flaws were exposed a year ago. So shadow housing inventory still remains very significant, while visible inventory hasn’t been growing by as much as it should be.

Click here to read the whole thing from the Atlantic.