Foreclosures Now Taking 400 Days — And the Number is Slowing
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A year ago the typical foreclosure took 340 days to close and now are running 400 days (compared to 151 days in the first quarter of 2007). And in New York and New Jersey, the time to foreclosure from start to finish is a huge 900 days with Florida at 617 days.
As a result:
- Homeowners in the foreclosure process are living free in their homes for more than a year—and in many circumstances several years
- Lenders are piling up even larger losses
- Processing delays are resulting in fewer foreclosures (down 34 percent in April 2011 compared to April 2010)
- Recovery in the housing market is being delayed as this shadow inventory further depresses home prices
Year-Over-Year Declines in the Number of Foreclosures (RealtyTrac)
California -20 percent
Florida -59 percent
Arizona -17 percent
Michigan -32 percent
Nevada -27 percent
This USA Today short article is packed with information—a great two minute read.