Reprieve on bank foreclosures
There was a good article in the NY Times about Reprieve on Foreclosures caused by the backlog. According to the article there are about 2 million foreclosures nationally and 2 million more in the pipeline. I think that number is conservative.
Due to the large swelling numbers, the average time of the foreclosure process is taking up to 2 years in some areas. Hopefully if you are in this process this is giving you some relief while you transition to another home to live in. The same article makes some crazy claims like:
In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.
Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it woul...
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