Better or Worst?
Big Picture has a piece that suggests that the current foreclosure rate and problem is under reported because lenders do not have the man power to handle it, so they are looking the other when when home owners start to default and homes that should be under foreclosure are not.
Data that supports this is that days to process foreclosures have increase from 37 to 61 days.
Previously Mish has shown that there is evidence of walking away from homes before there is a problem and before rate resets. That suggests that some of the problems that are expected to happen in 2009 and 2010 are showing up now, so there should be less problems with those resets than expected.
So, is the problem better or worse than expected?