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Foreclosure Pipelines Still Over 4 Years as Average Time In Foreclosure Rises to Record 1024 Days

According to the Mortgage Monitor for October (pdf) from Black Knight Financial Services (BKFS, formerly LPS Data & Analytics), there were 857,824 home mortgages, or 1.69% of all mortgages outstanding, remaining in the foreclosure process at the end of October, which was down from 892,796, or 1.76% of all active loans that were in foreclosure at the end of September, and down from 2.54% of all mortgages that were in foreclosure in October of last year. 

Adam Smith's Elephants

Adam Smith earned his title as the father of economics and free market capitalism with his 1776 work, commonly refered to in abbreviated form as The Wealth of Nations. Smith suggested that self interest in the form of an "invisible hand" would suffice to keep capitalism on solid footing. From this simple idea, economics would eventually branch into numerous warring schools of thought: 1) Classical School, 2) Neoclassical, 3) Keynesian, 4) Post Keynesian, 4) New Keynesian, 5) Monetarists, 6) New Classical, 7) Neo-Ricardian, 8) Marxists, 8) Austrian, and so on.