Average Foreclosure Time: 620 Days

April 20, 2015

Foreclosures are taking longer to complete, according to new data from RealtyTrac's March 2015 Foreclosure Market Report. Properties in the foreclosure process took an average of 620 days until the foreclosure was completed during the first quarter, up from 604 days in the previous quarter and from 572 days in the first quarter of 2014.

The following states had the longest average days to complete a foreclosure during the first quarter:

  • New York: 1,475 days
  • New Jersey: 1,115 days
  • Hawaii: 1,058 days
  • Florida: 975 days
  • Kansas: 963 days

Overall, foreclosure activity has been on the decline nationwide, with foreclosure filings falling to the lowest quarterly total since the first quarter of 2007. Still, activity did increase on a month-over-month basis, with foreclosure filings up 20 percent in March from the 104-month low reached in February. The increase in March was mostly attributed to a jump in bank repossessions, which surged 49 percent from the previous month.

"The 17-month high in bank repossessions in March corresponds to a 17-month high in scheduled foreclosures auctions in October," says Daren Blomquist, vice president at RealtyTrac. "The March increase is continued cleanup of distress still lingering from the previous housing crisis; not the beginning of a new crisis by any means. Some of the most stubborn foreclosure cases are finally being flushed out of the foreclosure pipeline, and we would expect to see more noise in the numbers over the next few months as national foreclosure activity makes its way back to more stable patterns by the end of this year."

Source: RealtyTrac