The Real Deal New York

Brooklyn foreclosure period longest in nation

April 27, 2012 12:00PM

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Brooklyn, N.Y. from above

Brooklyn holds the dubious honor of being the county in the U.S. where completing a foreclosure takes the longest, Bloomberg News reported. It took an average of 1,187 days to repossess a home in Brooklyn during the last three months of 2011, according to data compiled by Bloomberg. There were a total of 32 foreclosures in the last quarter of 2011, although upwards of 27,000 homes had loans in delinquency, data from the New York Department of Financial Services show.

A lengthy foreclosure process, while it gives homeowners hope of retaining their homes, can also depress home prices, as it often simply delays the inevitable, the Journal said.

“You aren’t doing anybody any favors in the long run,” said Jonathan Miller, president and CEO of analytics firm Miller Samuel. “In markets where it takes longer for the foreclosure process, it takes longer to recover.” [Bloomberg]

 

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