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November 23, 2014

National Foreclosure Timelines Reach 943 Days

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National Foreclosure Timelines Reach 943 Days

Foreclosure timelines continue to rise nationwide, but the number of loans in foreclosure is falling, according to mortgage data company Black Knight Financial Services. 

The average days delinquent for loans in foreclosure rose to 943 days in January, up from 920 days in December 2013. However, the number of loans in foreclosure is down to the lowest point since November 2008, Black Knight Financial Services reports. The firm estimates that there are 1.175 million homes nationwide in some stage of foreclosure. That's down by more than 10 percent since January 2013. 

According to Black Knight Financial Services, the five states with the highest rates of non-current loans are Mississippi, New Jersey, Florida, New York, and Louisiana. On the other hand, the states with the lowest percentage of non-current loans are Montana, Colorado, Alaska, and North and South Dakota. 

Black Knight's data is taken from a loan-level database that covers about 70 percent of the mortgage servicing market. 

Source: “Foreclosure Time Approaches 1,000 Days, But There Are Fewer of Them,” Mortgage News Daily (Feb. 27, 2014) and Black Knight Financial Services

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