Next Two Years' Foreclosures To Remain Higher Than Usual, Treasury Official Tells Senate

Reuters news service reports:

• Treasury Undersecretary Robert Steel said on Thursday that foreclosure rates on American homes will be higher than usual for the next two years as will the number of homeowners facing hardship. In prepared remarks to the Senate Banking Committee, Steel noted the risks a housing downturn poses to growth, but said the U.S. economy was basically strong.

For more, see Foreclosures to stay high: Treasury's Steel.