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New York

Foreclosure crisis will outlive NY homeowners in default

At the current pace, many New York State homeowners in default won’t live to see the day their property is foreclosed upon. According to Harper’s Magazine data cited by Miller Samuel President Jonathan Miller on his blog Matrix, it would take 61 years for lenders to foreclose on all homes currently in default if the current rate continues.

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That can be attributed to the robo-signing scandal which has led state attorneys general to crack down on, and thus slow down, the process by which lenders foreclose on properties. As a result, the average foreclosure in New York State takes 900 days from the notice of default to the sale of the property.

In August, there were 2,102 new foreclosures in the state, according to RealtyTrac. Additionally, CoreLogic recently said the national inventory of delinquent, foreclosed and real estate owned properties amounts to about five months worth of supply. [Matrix]

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BanksDefaultsForeclosuresJonathan MillerLendingMiller Samuel