Tuesday
September 23, 2014

Average Days to Complete Foreclosure: 572

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Average Days to Complete Foreclosure: 572

The time it takes for banks to complete a foreclosure on a property has ticked up 20 percent in the first quarter compared to year-ago levels, according to RealtyTrac's latest foreclosure report. The average time it takes to complete a foreclosure is 572 days nationwide, up from 477 days in the first quarter of 2013.

In some states, foreclosures are taking even longer to complete. For example, New Jersey overtook New York as the state with the longest foreclosure timeline, averaging 1,103 days in the first quarter of 2014. New York followed at 986 days; Florida at 935 days; Hawaii at 840 days; and Illinois averaged 830 days, RealtyTrac reports.

In other states, foreclosures are taking just a fraction of that time to complete. States with the shortest average times to complete a foreclosure are Alaska (151 days), Texas (169 days), Delaware (177 days), New Hampshire (190 days), and Alabama (193 days).

Meanwhile, the average time to sell a bank-owned property has increased nationwide by 34 percent in the first quarter compared to year-ago levels, RealtyTrac reports. That timeline averaged 226 days, up from 168 days in the first quarter of 2013.

Source: RealtyTrac

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