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IRVINE, CA-US properties foreclosed in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous quarter and up from 370 days in the first quarter of 2012, reports locally based online marketplace for real estate data RealtyTrac.
“More recent foreclosure prevention efforts in [some] states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states,” said Daren Blomquist, VP of RealtyTrac, in a prepared statement.
The average time to foreclose in the first quarter increased from the previous quarter in 39 states, led by Oregon, Arkansas, Texas, Tennessee and Michigan. Despite a 4% decrease in the average time to complete a foreclosure from the previous quarter, New York continued to register the longest state foreclosure timeline at 1,049 days from foreclosure start to bank REO. New Jersey came in second highest, followed by Florida, Hawaii and Illinois.
In addition, divergent trends in foreclosure activity continue in judicial and non-judicial states, according to RealtyTrac. First-quarter foreclosure activity in the 26 judicial or quasi-judicial states combined increased 6% from the first quarter of 2012, while first-quarter foreclosure activity in the 24 judicial states decreased 44% during the same time period. Similarly, March foreclosure activity increased 4% annually in the judicial states combined, but decreased 44% annually in the non-judicial states combined.
As GlobeSt.com reported earlier today, foreclosure filings in March decreased 1% in March from the previous month and were down 23% from March 2012, according to RealtyTrac. The decrease helped drop first-quarter foreclosure numbers to the lowest level since the second quarter of 2007.
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RealtyTrac's latest interactive heat map shows the foreclosure hotspots throughout the country.
Florida and California lead the list of top 10 states with the highest amount of new foreclosure activity.
*All charts courtesy of RealtyTrac.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
