The good news, if you're the incumbent president, is that mortgage foreclosures are slowing down. From Housing Wire:
The number of seriously delinquent mortgages in the nation's largest metropolitan areas slowed this year, according to a new study from the Urban Institute. But foreclosures remain a burden on the housing market, prompting the policy research group to call for a resolution to the housing crisis to ensure the foreclosure backlog is cleared out in a reasonable time period.
The institute said the serious delinquency rate in the 100 largest metro areas slowed to 9.3% in June from 10.4% in December 2009, according to data from Foreclosure-Response.org. The Urban Institute said the serious delinquency rate is classified as the share of loans in foreclosure, plus all of those that are more than 90 days in arrears.
But that's not really good news, if you're interested in seeing a healthy housing market. It's going to take a long time at this rate to clear away those delinquent loans. Maybe even another decade:
"The foreclosure inventory that is building up is going to take an incredibly long time for lenders to clear," said Leah Hendey, research associate at the Washington firm. "At the current pace of foreclosure sales, we are looking at a process that could take decades to complete. It is critical that the status of these properties be resolved quickly if we want to stabilize communities and housing markets."
Right now, there are six million delinquent mortgages that are on the way to being called in an repossessed. That's a lot of property. Six million foreclosures would be a noticeable thing on every street and every neighborhood. And six million foreclosures -- which are coming, by the way, at some point -- would have a dampening effect on Obama's rising popularity.
Conspiracy theories are, of course, a violation of our magnificent Code of Conduct, but who doesn't think that the housing market is going to get bad, suddenly, with foreclosures going up, suddenly, around November 6th, 2012?