Foreclosures Now Taking 400 Days — And the Number is Slowing
Posted by Ted C. Jones on May 12, 2011
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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.
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This is terrible. Imagine how bad the situation is in countries such as Greece, where there exist great value for money properties at historically low prices and still no buyer….
I’ve read some good stuff here. Certainly worth bookmarking for revisiting. I wonder how much effort you put to make such a wonderful informative web site.
It’s too bad that the banking system couldn’t foresee these problems years ago. I guess the only good news is that people can stay in their homes a little longer,sometimes years. Should help in the hardship of losing the house or getting back on their feet again!
Based on the unemployment numbers being off as they DO not include those sel-employed as these don’t show up on any report. The report done by DOL
is a voluntary program ( youknow if you don’t have to pay to mail it it is usually NOT mandatory ( income tax is required and you provide the stamp).. So employers are asked to do this survey some say NO and is it mandatory. So therefore this is not based on all people employed. Then you have the self employed say a realtor, he is the only employee so he lets his license go and he is never counted as he never had any employees, nor can he collectr unemployment beneits.. Say a big place like Coldwell Bankers goes out of business, well he has a few secretaries, a few clerks an a broker whom they pay a salary, all those people are now unemloyed. The agents that worked there say, if a company this big in my industry is going out then I am not going to do Real Estate anymore. They are not counted as unemployed and they can’t collect unemployment either because they are private contractors. Then there are the people that are double counted as they work two part-time jobs and both of their employers VOLUNTEER
to do the DOL form so they become two people that are under employed, NOT 1 person working two jobs. THis works ok in a normals situation I suppose but now, it’s the best we have but..this then explains that the economy has a lot more unemployed than counted………………..