Waiting On A Bank Foreclosure May Now Take Even Longer

Dated: 01/24/2018

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The old days when you could purchase a Bank Foreclosure within a few months of the Lis Pendens (Notice of Default) seem to be long gone.

Check out this article from ATTOM Data Solutions in Bethesda, MD.

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Average Fla. Foreclosure Timeline Soars

ORLANDO, Fla. – Jan. 23, 2018 – While foreclosures have dropped to pre-recession levels, a huge backlog is building due to longer processing times. The average time to foreclose jumped to more than 1,000 days nationwide in the fourth quarter of 2017 – a 14 percent increase from the previous quarter and a 28 percent increase from a year ago. It's the longest number of days to process a foreclosure since ATTOM Data Solutions, a real estate data firm, began tracking foreclosure timelines in the first quarter of 2007.

In Florida, it takes even longer for the foreclosure process to complete – an average of 1,493 days, or about 4.1 years. Florida's Orange County also makes the top-five list for county foreclosure times. In the area surrounding Orlando, a foreclosure averages 2,109 days to complete, or about 5.75 years.

States with the longest average times to foreclose in fourth quarter 2017

  • Indiana: 2,370 days

  • Nevada: 1,933 days

  • Florida: 1,493 days

  • New Jersey: 1,298 days

  • Georgia: 1,263 days

U.S. counties with the longest average times to foreclose in fourth quarter 2017

  • Queens County, N.Y.: 2,810 days

  • Marion County, Ind. (Indianapolis): 2,810 days

  • Orange County, Fla. (Orlando): 2,109 days

  • Henry County, Ga. (Atlanta): 2,075 days

  • Cherokee County, Ga. (Atlanta): 1,988 days

Source: ATTOM Data Solutions

© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688

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Considering buying or selling a home in Palm Beach County, FL?

Please contact me with any questions.

Keith Jeffrey / AKA Broker Keith

Broker Associate / United Realty Group

brokerkeith@yahoo.com

www.BrokerKeith.com

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Keith Jeffrey

The real estate market in South Florida is constantly changing. Running my own "We Buy Houses" TV Commercials, being an REO Broker for 7 yrs, Valuating Homes for Numerous Banks & Asset Managers, Site ....

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