Did you know that the timeline for a house to complete the foreclosure process on average is 720 days. Amazingly, this is a statistic from the process becoming faster. Last year it was over 880 days according to a real estate data report.
The states with the longest average timelines for foreclosures completed in the second quarter were:
- Hawaii: 1,553 days
- Florida: 1,166 days
- New Jersey: 1,161 days
- Utah: 1,108 days
- Indiana: 1,054 days
For comparison, the states with the shortest average timelines for foreclosures completed in the second quarter were:
- Arkansas (152 days)
- Virginia (169 days)
- New Hampshire (177 days)
- Mississippi (188 days)
- Minnesota (222 days)
This is a summary and viewpoint based on the full article at:
https://magazine.realtor/daily-news/2018/07/12/720-day-foreclosure-timeline-is-actually-an-improvement?tp=i-H43-Bb-2OQ-3tsh4-1p-9Znb-1c-3u51n-2H5d8R&om_rid=57647294&Om_ntype=RMOdaily&om_mid=9202
Interesting. So you can live for free in Hawaii for 4 years?!
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WOw, I didn't calculate the years from days. They must have some very stringent foreclosure laws. It could be designed so natives of the area aren't pushed out. Very good observation.
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I wonder why it takes so long in Florida. Not to be morbid but maybe its because some of them are in estate.
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Those timelines are interesting!!
I want to buy a foreclosed house. Too bad you're not in Gvegas (haha I just had to call it that)
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