Foreclosure Slowdown Reported in NYT

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.

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About richardzorza

I am deeply involved in access to justice and the patient voice movement.
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