On average, home owners in foreclosure can stay in their homes for over a year before they are evicted.
In the first quarter of this year, the foreclosure process nationwide averaged 370 days to complete — that’s up from 348 days in the previous quarter and the lengthiest average since 2007, according to RealtyTrac.
While the wait is still long, several states did see an improvement in picking up the pace in the first quarter. In California, for example, the average time to foreclose dropped from 352 days to 320 days, and the average time of foreclosures also fell in Colorado, Utah, Massachusetts, Nevada, Michigan, and Maryland (although the state still has one of the lengthiest foreclosure processes in the nation), RealtyTrac reports.
But in other states, the foreclosure process can take years to complete — literally. The states with the five longest times to complete foreclosures, according to first quarter data, are:
1. New York: 1,056 days
2. New Jersey: 966 days
3. Florida: 861 days
4. Illinois: 628 days
5. Maryland: 618 days
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
With mortgage rate so low, it’s too bad so many people are suffering. I saw a website where interest rates were in the mid 3’s for a 30 yar mortgage and they weren’t charging an origination fee! http://www.theutahmortgaglender.com