Will the shadow market affect Hawaii inventory?

Everyone knows that there are bank owned properties out there in Hawaii.  I have heard that there are perhaps hundreds of bank owned properties or REOs (Real estate owned) properties out there on Oahu just waiting to come onto the market.  It has been the big shadow overhanging the market.  People have been expecting that these properties may come on the market all at one time just adding tremendously to the inventory and crashing prices.  Every state in the country has been worried about this, but especially those hardest hit with foreclosures:  Florida, California, Nevada, and Arizona.  So let us face the fear.  The fact is that there are no regulators that are forcing these banks to dump these properties on the market.  So if no one is forcing them to put these properties on the market, will they put them on the market now?  Perhaps not.  And more importantly perhaps not all at one time.  If the foreclosures have been kept back from the market, the banks think that the real estate prices will not only stabilize, but rise across the country.  They are more likely to gain much more by waiting and not flooding the market with inventory.  So, the longer we do not see vast numbers of REOs coming onto the market, the more people should see that there is more room on the upside with prices.  I believe that when the banks feel that the market is strong enough that they may see a possible time to make gains from their losses they will put a measured amount of their inventory on the market.  I do not believe, unless forced by regulators, that they will flood the market and depress prices further.