Foreclosures are taking longer to complete, with the average time it takes a lender to repossess a home jumping to 477 days in the the first quarter of this year compared to 414 days in the fourth quarter of 2012, RealtyTrac reports in its March foreclosure report. That represents the longest average timeline that RealtyTrac has ever recorded.
The longer timelines are being blamed on recent legislation enacted in several states, such as California, Oregon, and Massachusetts. The five largest lenders also have slowed down many foreclosures following the new servicing standards that were outlined in the National Mortgage Settlement, says Daren Blomquist, vice president at RealtyTrac.
As the timelines for foreclosures expands, foreclosures continue to subside, dropping to its lowest level in March since September 2007. Foreclosure filings — which include default notices, scheduled auctions, and bank repossessions — are down 23 percent from a year earlier, according to RealtyTrac.
"Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off," says Blomquist. "Meanwhile, more recent foreclosure prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states."
Author:Brenkus Team Phone: 702-526-2298 Dated: April 12th 2013 Views: 1,043 About Brenkus: Rick and Teri Have been top producers for over 30 years in the Las Vegas area and have been ranked i...
About Keller Williams Marketplace - Brenkus Realty Network
Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 7,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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