Banks could need more than 60 years to clear repossession backlog
June 20th, 2011 9:15am
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According to a recent report from LPS Applied Analytics, some homeowners in danger of having their home repossessed by their bank may not need to worry about any immediate action.The report revealed that, in some areas, the large amount of current foreclosed properties could take some lenders nearly a half century to process. In New York, where roughly 213,000 homes have been repossessed, experts predict it will take banks as much as 62 years to work through their backlog.
In New Jersey, the log of distressed properties could take nearly 50 years to reduce, while other states that rely on courts to process claims, such as Florida, Massachusetts and Illinois need roughly 10 years.
"If you were in foreclosure four years ago, you were biting your nails, asking yourself, 'When is the sheriff going to show up and put me on the street,'" Herb Blecher, an employee at LPS, recently told the New York Times. "Now you're probably not losing any sleep."
In Houston, the foreclosure rate fell by nearly 25 percent in April, which represents optimistic signs for the region's homeowners. Furthermore, the Houston real estate market has been aided significantly by its improving job sector, which has added more than 50,000 jobs since last year, Metrostudy relayed.
Courtesy of 2M Realty News
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