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Researchers warn of delayed foreclosures and stalled recovery

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An article in USA Today points to concerns over uncertainty about foreclosure rules, and their impact on the housing market recovery.

While about one million financially distressed Americans could stay in their homes longer thanks to foreclosure processing delays, but the result for the general housing market could be a delayed recovery, according to the article.

States where foreclosures take the longest to process are New York, 966 days; New Jersey 944 days and Florida, 676 days, according to the article, citing RealtyTrac. The average foreclosure process takes about 318 days.

The article further reported that foreclosure filings through the first six months of 2011 were down 29% compared to the same period last year.

 


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