New York foreclosure courts face seven-year backlog: RealtyTrac

The number of homes taken back by banks in the third quarter climbed from the previous quarter in 26 states, including New York, New Jersey, Illinois and Virginia, RealtyTrac said. Much of the quarterly increase in foreclosures came about in states where courts oversee the foreclosure process.

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That coincided with an official ""double dip"" in home prices at the national level, brought on by new cycle lows for home prices in such markets as New York, Chicago. place since last November..

Lenders are selling pools of soured mortgages as they face new regulations that make bad. buyers have a large share of mortgages in areas such as New York and New Jersey where courts oversee.

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Foreclosure Activity at 6-Year Low: RealtyTrac. NEW YORK ( TheStreet. A growing backlog of foreclosures has resulted from exceedingly long processing timelines as banks continue to work.

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NEW YORK (TheStreet) — Foreclosure activity fell 27% in September from last year but rose 2% from a month earlier, according to the latest report from RealtyTrac. borrower is in default in court,

 · Foreclosure Influx Causes Backlog In Some States The rate at which foreclosures are processed varies widely depending on the state. In New York, for example, it’s.

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However, as banks continue to cancel hundreds of hearings due to shoddy foreclosure procedures, the backlog has stagnated. reviews of foreclosure procedures. In New York, the chief judge of the.

NY foreclosure backlog: ‘A different world’ The New York foreclosure system reached a crisis point in late 2010. Banks were filing more foreclosure cases than the courts could resolve, creating a backlog in the state that could take more than a decade to unwind. Many homeowners entered court.