Filed under: News
By Alexander Eichler
If the American housing market is ever to recover -- and provide some momentum to a broader economic turnaround -- it needs to work its way through the millions of foreclosed properties that have yet to be processed and auctioned off. But those cases are taking longer and longer to get through.
In 2007, the average foreclosure process in America, from beginning to end, took 253 days, or about eight months. Today, according to LPS Applied Analytics as reported by CNN, the average foreclosure takes 674 days. That's a year and ten months, almost triple what it was four years ago.
Read the full story on The Huffington Post.
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