Foreclosure Timeline Lengthened by 140 Days Over Past Year: LPS

from DSNews on 11/1/2011

Homes that were foreclosed on in September 2011 had been delinquent for an average of 624 days. That’s up from 484 days in September of last year, just before the processing issues surfaced.

That 624-day foreclosure timeline is the national average. LPSsays timelines in judicial states continue to extend at a greater rate. The time from last payment made to foreclosure sale in judicial states is 761 days, which is six months longer than in non-judicial states.

Looking at the national foreclosure population, LPS says almost 40 percent of loans in foreclosure have not made a payment in two years, and 72 percent have not made a payment in a year or more.

In summary, it will be a while before foreclosure inventory issue can be reduced. 2 to 5 years??