Keep the Information Flowing
Small contributions go a long way. Your donation to Consumer Action, a 501 (c)(3) nonprofit, nonpartisan organization, can help us cover the cost of research, writing, and translation of our materials. To keep our services free for those who need them. Select an amount to give.
Released: November 10, 2011
Foreclosure backlogs could take decades to clear
Source: Julie Schmidt, USA Today
Foreclosure sales are moving so slowly in half the states that at the current pace, it will take more than eight years on average to clear the 2.1 million homes in foreclosure or with seriously delinquent mortgages, new research shows.
That’s about twice as long as a year ago in the states where foreclosures go through courts — before the mortgage industry was upended by last fall’s disclosures that court papers in many foreclosure cases were improperly prepared. Since then, new checks have slowed the process.
The backlogs suggest that the fallout from the nation’s worst housing-market collapse is likely to weigh on real estate prices in many markets for years to come, and on some markets for longer than on others.
Read Full Article: Foreclosure backlogs could take decades to clear
Quick Menu
Support Consumer Action
Join Our Email List
Press Menu
Consumer Help Desk
- Help Desk
- Submit Your Complaints
- Frequently Asked Questions
- Links to Consumer Resources
- Consumer Service Guide (CSG)
- Alerts
- Consumer Booknotes