The Average Time to Foreclose Is Getting Faster

October 18, 2016

Properties in the third quarter took an average of 625 days to complete a foreclosure, down from 630 days a year ago. It was the first year-over-year decrease since ATTOM Solutions began tracking average foreclosure timelines in the first quarter of 2007.

Nineteen states saw their foreclosure timetables shorten from a year ago, led by Nevada (down 22 percent); Massachusetts (down 22 percent); Michigan (down 21 percent); Oregon (down 20 percent); and Texas (down 20 percent).

Meanwhile, the following states had the shortest foreclosure timelines, as of the third quarter: Virginia (196 days), New Hampshire (230 days), Texas (246 days), Minnesota (250 days), and Mississippi (253 days). All five of these states have non-judicial foreclosure processes.

View this chart of the U.S. to see your state’s average foreclosure timeline as of the third quarter:

 

 

Source:  RealtyTrac