Average time to foreclose decreases annually for first time in report history
Properties foreclosed in Q3 2016 took an average of 625 days to complete foreclosure, down from 631 days in the previous quarter and down from 630 days a year ago — the first year-over-year decrease since ATTOM began tracking average foreclosure timelines in Q1 2007.
The average time to foreclose decreased from a year ago in 19 states, including Nevada (down 22 percent), Massachusetts (down 22 percent), Michigan (down 21 percent), Oregon (down 20 percent), and Texas (down 20 percent).
States with the shortest foreclosure timelines for properties foreclosed in the third quarter were Virginia (196 days), New Hampshire (230 days), Texas (246 days), Minnesota (250 days), and Mississippi (253 days). All five states with the shortest foreclosure timelines employ the non-judicial foreclosure process.
New Jersey, Hawaii, New York, Florida, Illinois with longest foreclosure timelines
Counter to the national trend, the average time to foreclose in Q3 2016 increased from a year ago in 27 states, including Pennsylvania (up 28 percent), Wisconsin (up 25 percent), Maryland (up 22 percent), Arizona (up 21 percent), and Colorado (up 20 percent).
States with the longest average foreclosure timelines for properties foreclosed in the third quarter were New Jersey (1,262 days); Hawaii (1,241 days); New York (1,070 days); Florida (1,038 days); and Illinois (942 days). All five states with the longest foreclosure timelines primarily employ the judicial foreclosure process.