Improvement?

CNBC tells us that the housing market is getting better because foreclosures are down. Awesome, right? Maybe not. This Bloomberg story lets us in on a little secret, banks have so many bloody homes in foreclosure and repossessions are so high, that they may be just too darned busy with what they have already to pursue additional foreclosures. Not good.
As I said, the economy is improving and it will show up in some aggregates for sure, but it won't feel like much of an improvement because it ain't much of an improvement. This is bad for incumbents in November.