· Mediation Courts May ease foreclosure backlog. A few years ago, St. Lucie County, on Florida’s Atlantic coast, was the fastest growing county in America. Today, it holds a different distinction – it’s home to one of the nation’s highest foreclosure rates. The county has just a quarter-million people.
Foreclosure tracking firm RealtyTrac says foreclosure activity has picked up in some states, as banks deal with a backlog of homes with mortgages that had gone unpaid yet remained in limbo due to.
RealtyTrac Vice President Daren Blomquist says that although New Jersey has seen a 42 percent increase in foreclosures in the first quarter, a 12 percent decrease in March could be a sign of change.
Pent Up Foreclosures By State. click on chart for sharper image. In regards to the above chart I said. The area in pink represents potential foreclosure demand. Not all of that area will be foreclosed, but some of it sure will. The "Hidden Backlog" mentioned above (and highlighted in red) is within that pink area.
Short sales can be time-consuming. Depending on the lender’s backlog of short sales, the process can take up to 12 months. What is a foreclosure? Unlike a short sale, a foreclosure is initiated by the lender. In foreclosure, the homeowner has defaulted on their loan and the ownership of the home reverts to the bank or lender.
Hidden Backlog of Foreclosures What worries Khater more are states where sharply rising unemployment is coupled with many homeowners who already owe more than their houses are worth. He points to.
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· John Schoen of CNBC shows the trend in home foreclosures by state. Use the slider to choose a year for the map, then click on a state to see the foreclosure trend since 2007 as well as on average how long foreclosures take.