RC Whalen, here, in January:
"[J]udicial states remain mired in foreclosure backlogs that still stretch ahead for years to come. Because Barack Obama and Tim Geithner refused to restructure the truly sick parts of the US housing sector (and the zombie banks with these exposures), only sectors where speculative capital can be deployed quickly and easily are showing signs of life. You don’t see private equity firms buying homes in Scarsdale, NY, or Greenwich, CT, now do you? Even ignoring the horrible effects of SS Sandy, was NJ housing really recovering?"
