FDIC has budgeted for ~100 bank failures in 2012, up from 90 in '11. Foreclosures:foreclosure processing delays in 2011 have artificially exaggerated what would have been a slow, natural decrease in foreclosure activity off the foreclosure peak of 2010. This artificial trough in foreclosure activity in 2011 will result in a corresponding double-peak in 2012.
The housing market is mired from the attempt by the Democrats to sell everyone a house. Too many houses were built and too many sub-prime loans were made, as you know. The main Democrats in this were Barney Frank and Chris Dodd. As you point out, last year there were delays in foreclosures but the backlog is about to be released now. Hence the mired market.
This is just the domino effect of the HOUSING BUBBLE of 2008 still at work here and the current Obama administration with its taxes, interest rates, is not helping the problem. Plus banks are sitting on the money so it gathers interest and NOT loaning any.
The market needs to cleanse itself. I assume you know this from seeing your previous posts.
Homeowners tend to be higher salaried workers. Those are the first to be dumped by slaving US richclass corporate when US richclass executives want more money for themselves (which is constantly). You could have figured that out.
He was banking on it happening when he started his 2nd term. Everything we knew would happen took place earlier than he thought it would.
