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Thursday, November 18, 2010

The Long Process of Foreclosure Gets Longer

Daily Real Estate News, November 18, 2010

The foreclosure process is getting longer and longer. According to statistics from LPS Applied Analytics:

· Delinquent loans in five judicial-process states spend more than 500 days in the foreclosure pipeline with the average time in process at 358 days, a week short of a full year.

· In the case of loans where the borrower is delinquent for 90 days or more, on average no payments have been made for 16 months.

· States that take the longest time to process delinquent loans are Florida and New York among the judicial process states, and Maryland, California, Virginia, Nevada, Massachusetts, Rhode Island, and Arizona, among the non-judicial states.

Source: Bankrate.com, Marcie Geffner (11/17/2010)
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