To reproduce:
- Create a treeview with the Visual Studio 2012 Light theme.
- Add multiple nodes to the tree
- Select the first node
- While hovering the selected first node with the mouse press the down arrow to select the next node
- The text of the first node will stay white while the hover background will also be white making the text seem like it vanishes.

Workaround:
- Open the theme in Visual Style Builder 
- Expand the tree view in the Controls Structure window
- In the ElementState window select MouseOver state
- Add Normal Fore Color font style to the mouse over state