* FORECLOSURES NOW TAKE 20 MONTHS

Foreclosures Now Take 20 Months

Posted By susanne On September 1, 2011 @ 3:12 pm In Consumer News and Advice,Finance and Economy,Foreclosure Process,Real Estate Information,Real Estate News,Today’s Marketplace,Today’s Top Story – Consumer | No Comments

^[1]The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.

New data from LPS shows that payments have not been made on the average loan in foreclosure in a record 599 days, or 20 months. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days—also a new record.

At the same time, first-time foreclosure starts in June were near three-year lows, and first-time delinquencies accounted for only 25 percent of new delinquent inventory, according July Mortgage Monitor report released by Lender Processing Services, Inc.

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