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.