Today’s New York Times has an important article on the slowdown in foreclosures.
Some of the main points:
- At current rates it would take 62 years for complete repossession of homes in serious default/foreclosure in NY state. Data from LPS Applied Analytics, described as a “prominent real estate data firm.”
- Non-judicial foreclosure states are less backlogged (more like two to three years), but also very moving very significantly more slowly than before.
- The robo-signing scandal has played a major part in this slowdown.
- Judges are being much more careful in approving foreclosures
- Banks deny that they are deliberately slowing things down
- Mandated settlement conferences and, requirements that attorneys affirm accuracy of facts, are slowing things down.
Read the whole article.