New York foreclosure courts face seven-year backlog: RealtyTrac

But as cases mounted, the state developed the largest foreclosure timeline in the country. It currently takes an average of 900 days for a foreclosure to wind through the New York system, according to RealtyTrac, which maintains a count of filings at the county level. For more, see New York foreclosure courts face seven-year backlog: RealtyTrac.

Backlog Worsens For U.S. Courts As Foreclosure proceedings face scrutiny. due to shoddy foreclosure procedures, the backlog has. their own reviews of foreclosure procedures. In New York, the.

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"While foreclosures are continuing to boil over in a select group of markets where state legislation and court. to RealtyTrac. Maryland saw the biggest monthly increase in foreclosures, followed by.

CoreLogic: Foreclosures decline 16% in July Home Prices Continue Decline but Rate of Decline Continues to Improve National home prices, including distressed sales, declined by -9.8 percent in September 2009 compared to September 2008, according to First American CoreLogic and its LoanPerformance Home Price Index (HPI).

Home buyers face dilemma with shortage.. according to RealtyTrac. In New York and New Jersey, where foreclosures go through a court proceeding, the process is taking 36 and 32 months.

New York Posts Longest Foreclosures in U.S.. seven-years for New York state courts to clear all current foreclosure. realtytrac estimates it will take New York 87 months to clear that.

Daren Blomquist, a Vice President at RealtyTrac, has proclaimed that we have "past the worst of the foreclosure crisis.’ He points to what he claims to be a five-year low, along with year-over-year decreases in foreclosures for the twenty-fourth consecutive month as the evidence. The only thing any of this is evidence of is that Mr. Blomquist is thick in the head.

Shadow Inventory Could Take Four Years to Clear: Morgan Stanley New home sales are down 29 percent from a year. 4 million homeowners who have begun trial modifications, 54 percent have re-defaulted. The FHA program has been in operation for only about three.

In states with the biggest backlogs-those where judges review all home seizures-the pace of new auctions has risen steadily since last July, according to Daren Blomquist, who follows foreclosures at.

The New York foreclosure system reached a crisis point in late 2010. Banks were filing more foreclosure cases than the courts could resolve, creating a backlog in the state that could take more.

RealtyTrac Vice President Daren Blomquist says that although New Jersey has seen a 42 percent increase in foreclosures in the first quarter, a 12 percent decrease in March could be a sign of change.

Average home prices increase 2.2% in May: Case-Shiller Average home prices in the United States increased 2.2 percent in May over April, according to the S&P/Case-Shiller Home Price Indices released Tuesday, July 31, 2012 by S&P Dow Jones. As of May 2012, average home prices across the U.S. are back to the levels where they were in spring 2003 for the 20-City Composite and to summer 2003 levels for.