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Released: May 12, 2011
Pace of foreclosures slows down
Source: Julie Schmit, USA Today
Foreclosures are taking weeks longer to complete than a year ago and many now last 13 months or more. Nationwide, foreclosures in the first quarter took an average 400 days from default notice to the day the bank reclaimed the property, market researcher RealtyTrac reports today.
That’s up from 340 days a year ago and more than double the average 151 days it took to foreclose in the first quarter of 2007, at the start of the nation’s foreclosure crisis. Foreclosure times are stretching out partly as a result of last fall’s revelations that many foreclosure documents were improperly prepared.
Read Full Article: Pace of foreclosures slows down
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