Markets & EconomyRegulations

Foreclosure timelines reach record lengths

RealtyTrac: Government interventions help push time to repossess to 477 days

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Foreclosure timelines are growing more bloated, largely due to sustained government intervention in the housing market, according to RealtyTrac's March U.S. Foreclosure Market Report. At the same time, foreclosure activity continues to subside, drifting closer to pre-meltdown levels, RealtyTrac reported. "Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure prevention efforts in previous years are wearing off," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile, more recent foreclosure prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states." The average time it took a lender to repossess a home in the first quarter of 2013 jumped by 15 percent from the fourth quarter of 2012, rising from 414 days to 477 days. Last quarter...