From 24/7 Wall Street:

There may be some signs of a sharply improving economy. The FOMC notes released yesterday show that the Fed believes that GDP will start to pick up quickly next year.

The housing market is not part of the recovery. It may be a lagging indicator like unemployment. If so, the lag is significant.

According to new data from real estate research firm RealtyTrac, foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 937,840 properties in the third quarter, a 5% increase from the previous quarter and an increase of nearly 23% from Q3 2008. “They were the worst three months of all time,” said RealtyTrac spokesman Rick Sharga.

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