While foreclosures have dropped to pre-recession levels, a huge backlog is building due to longer processing times. The average time to foreclose jumped to more than 1,000 days nationwide in the fourth quarter of 2017 – a 14 percent increase from the previous quarter and a 28 percent increase from a year ago. It’s the longest number of days to process a foreclosure since ATTOM Data Solutions, a real estate data firm, began tracking foreclosure timelines in the first quarter of 2007.
In Florida, it takes even longer for the foreclosure process to complete – an average of 1,493 days, or about 4.1 years. Florida’s Orange County also makes the top-five list for county foreclosure times. In the area surrounding Orlando, a foreclosure averages 2,109 days to complete, or about 5.75 years.
States with the longest average times to foreclose in fourth quarter 2017
- Indiana: 2,370 days
- Nevada: 1,933 days
- Florida: 1,493 days
- New Jersey: 1,298 days
- Georgia: 1,263 days
U.S. counties with the longest average times to foreclose in fourth quarter 2017
- Queens County, N.Y.: 2,810 days
- Marion County, Ind. (Indianapolis): 2,810 days
- Orange County, Fla. (Orlando): 2,109 days
- Henry County, Ga. (Atlanta): 2,075 days
- Cherokee County, Ga. (Atlanta): 1,988 days
Source: ATTOM Data Solutions