More than 872,000 properties, almost double the number from before the housing catastrophe began in 2007, are owned by big banks and lenders, according to a story from The New York Times reproduced by CNBC here.
Another million foreclosures are expected this year, and millions more in years to come.
It not being their stock-in-trade, they say, the banks are finding it difficult to process them all in through foreclosure, as we're all too familiar, and processing them out through sales. Something about not having adequate staffing.
Gee, where would you think they could find people ready to work those jobs?
Meanwhile, Obama is enjoying being president. That's the important thing. He's drinking beer in Ireland today, reconnecting with his roots. Isn't that nice?
