Properties repossessed by lenders in the third quarter of 2015 had been in the foreclosure process an average of 630 days, according to new data released today by RealtyTrac. That 630 days was the longest since RealtyTrac began tracking the process in the first quarter of 2007. A few highlights from the data:
- 28 states posted year-over-year increases in the length of time to foreclose.
- New Jersey, Hawaii, New Mexico, Utah and Florida lead the nation with the longest time to foreclose in the country. On the other side, South Dakota, North Carolina, Wyoming, New Hampshire and Virginia have the shortest times to foreclose.
- The number of bank repossessions (REOs) spiked 66 percent from a year ago, indicating that a backlog of bank-owned homes held up by various legislative and legal delays is finally spilling over the dam, and many of these homes will be hitting the market for sale in the next six to 12 months.
Below please find an infographic displaying where the reservoir of years-old bank-owned homes will hit the market.