September Data Shows Foreclosure Timelines Extending; Extreme Delinquencies on the Rise

The current real estate market is really a mixed bag.  Every day I see first-hand the pain and frustration of homeowners losing their jobs …and then their homes.  Their crises are personal and devastating.  At the same time buyers who thought they would never have a chance at home-ownership are looking at a market with extremely affordable home prices and record low interest rates.  If one has good credit and patience to deal with the short-sale bank’s slow pace and the purchase money lender’s many ‘hoops’, this is an amazing time to buy a home.

It is sad to know that one family’s opportunity stems from another family’s hardship.  Shortsales and Foreclosures abound. Following is today’s report on what is happening in the foreclosure market:

The September Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that foreclosure timelines continue to increase, with the average number of days delinquent in five judicial foreclosure states (New York, Florida, New Jersey, Hawaii and Maine) exceeding 500 days. At the same time, the foreclosure timeline extension has been significantly more pronounced in non-judicial states (California is a non-judicial state).

Approximately 275,000 loans started foreclosure during the month and, while delinquencies in September dropped 7.8 percent as compared to a year ago, in the context of “normal market conditions,” delinquencies remain at historically high levels and foreclosure inventories are only slightly below all-time highs. More than 4.3 million loans are 90 or more days delinquent or in foreclosure. Read the rest of the article:
http://rismedia.com/lowes/8355/10950″>http://rismedia.com/lowes/8355/10950</a>

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