Delays in Foreclosures Reach New Records! Home owners are living in their homes, mortgage & rent free, on average for 20 months or 599 days which is a new record according to data collected by Lender Processing Services, LLP.
There are approximately 1.9 million homes loans that are 90 or more days late, but not yet in foreclosure and 42% of those home owners have not made a payment in more than one year, with average delinquency of 397 days.
Why so long? Well there are judicial states and non-judicial states and the time frame to complete the foreclosure process varies greatly. Florida is non-judicial state and could possible clear inventories within 32 months, compared to a judicial state, like Las Vegas, that would require up to 111months. OUCH!! Yes that is correct, 111 MONTHS to work through inventories that are more than 90 days late.
In my opinion we will be working through these issue for many years to come, maybe upwards of 5-10 years and who really knows. I do know if we do not start creating jobs and help small business owners, it will take even longer because there are not enough qualified people to purchase new or existing homes.
“Until Next Time”