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Foreclosures takes a long time 761 Days
November 16th, 2011 12:43 PM
LPS: Foreclosures Take 761 Days in Judicial States 

States that rely on judicial foreclosures are taking six months longer to clear delinquent loans than non-judicial states, according to the new Mortgage Monitor Report released Nov. 1 by data and analytics firm Lender Processing Services.


States that require judicial foreclosures are swamped with large inventories of problem homes that take 761 days to move from last payment to a foreclosure sale. Foreclosure sales in non-judicial states take roughly 580 days. LPS’ findings reflect activity through the end of September.


The rate of new problem loans increased sharply over the last two months, with 1.6 percent of loans that were current six months ago now 60 or more days delinquent or in foreclosure. Foreclosure timelines continued to increase across the board — almost 72 percent of loans in foreclosure have not received a payment in a year or more.


Seventy percent of the top 10 states with the highest percentage of foreclosures are judicial foreclosure states and accounted for nearly 7 percent of the entire active loan count.

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Posted by Stephen Rochkind, SRA on November 16th, 2011 12:43 PMPost a Comment

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