Oh, Yah....Those Foreclosures!

Barry reminds us that the real-estate problem ain't exactly over with.

...Fast forward to the national robo-signer giveaway settlement. With that now behind them, the voluntary foreclosure abatements have come to an end. Thee was an 18 month period where banks had stopped actively processing these properties. That ended earlier this year. As the creaky, wheezy, inadequate machinery of processing defaulted mortgages rumbles back to life, you would expect to see signs of increasing foreclosures and distressed sales begin any day now.

Cue the RealtyTrac report:

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 205,990 U.S. properties in May, an increase of 9 percent from April but still down 4 percent from May 2011.

The linked article is worth reading, as Barry is NOT nice to the bankers.