In states where any foreclosure taken must go through the court system, a huge backlog of cases has built up, according to a report from The New York Times. Statistics from the real estate data tracking company LPS Applied Analytics shows that in a number of cases, these would take at least a decade to clear.
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For example, New York State’s backlog will take lenders 62 years to clear at the current rate, the longest duration for any state, the report said. Similarly, neighboring New Jersey would take 49 years. Florida, Massachusetts and Illinois would all need an even 10 years to clear their respective backlogs.
However, those states that do not involve their court systems in the foreclosure process – 27 in all – have seen the number of cases move far more quickly, the report said. It would take Nevada and Colorado just two years to erase their backlogs, while California would not be far behind at three years.
“If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?'” Herb Blecher, an LPS senior vice president, told the newspaper. “Now you’re probably not losing any sleep.”
Nevada and California are typically among the top states in the country in terms of the number of foreclosure actions taken against consumers.