Forget about the real world, Timmy Geithner continues to live in fantasy land with the usual hype about improving markets. I can understand his desire to stay upbeat but after the last few years a bit of reality isn't such a bad idea either. Expectations are low so for goodness sakes, what about setting proper expectations and then hitting them or over-delivering? More foreclosures will mean more bank problems and more housing woes for everyone. The housing market is indeed showing some promising signs of nearing a bottom but if more houses flood the market we all know what that will do. From the real world:
"Much of this activity is at the initial stages of foreclosure -- the default and auction stages -- while bank repossessions ... were down on a monthly and annual basis to their lowest level since March 2008," Chief Executive James J. Saccacio said in a statement.
"This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria."
Bank repossessions are likely to spike in coming months as these loans move through the foreclosure process, he said.
