New York Foreclosures Take 3.2 years

Posted by admin on Jan 16, 2012 in Blog | Comments Off on New York Foreclosures Take 3.2 years

New York Foreclosures Take 3.2 Years

The average time to process a foreclosure in New York State in the third quarter is now 986 days, the longest of any state and a new record for New York. When sales time is added, the time from default to a new owner closes is now 1179 days, or 3.2 years.
U.S. properties foreclosed in the third quarter took an average of 336 days to complete the foreclosure process, up from 318 days in the second quarter and the highest number of days going back to the first quarter of 2007. The second longest average foreclosure process was in New Jersey, at 974 days, and the third longest average foreclosure process was in Florida, at 749 days, according to RealtyTrac’s latest Foreclosure Market Report.