The number of foreclosures may be dropping, but a huge backlog is building due to longer processing times. The average time to foreclose jumped to more than 1,000 days nationwide in the fourth quarter of 2017. That marks a 14 percent increase from the previous quarter and a 28 percent increase from a year ago. It also is the longest number of days to process a foreclosure since ATTOM Data Solutions, a real estate data firm, began tracking foreclosure timelines in the first quarter of 2007.
The states with the longest average times to foreclose in the fourth quarter of 2017 were:
- Indiana: 2,370 days
- Nevada: 1,933 days
- Florida: 1,493 days
- New Jersey: 1,298 days
- Georgia: 1,263 days
On a county level, the places with the longest average times to foreclose in the fourth quarter of 2017 were:
- Queens County, N.Y.: 2,810 days
- Marion County, Ind. (Indianapolis): 2,810 days
- Orange County, Fla. (Orlando): 2,109 days
- Henry County, Ga. (Atlanta): 2,075 days
- Cherokee County, Ga. (Atlanta): 1,988 days
Source: ATTOM Data Solutions
