Foreclosures stretch to an average 17 months, may get longer – USATODAY.com. Danville Real Estate-Danville Homes-Condos
Foreclosures stretch to an average 17 months, may get longer
By Julie Schmit, USA TODAY
The average U.S. borrower in the throes of foreclosure hasn’t made a mortgage payment in 17 months, up from nearly 11 months two years ago — and the time frame may get even longer.
By Joe Raedle, Getty Images
Nearly 2.3 million homes were in foreclosure at the end of
This article published earlier this year in USA today highlights a trend in the foreclosure process that has slowed down the number of homes being foreclosed on, the number of new foreclosures started, and has allowed for an increase in short sales. By all accounts we expect this trend to continue as it it far more efficient to allow a short sale as opposed to a foreclosure.
