A number of interesting facts are coming out regarding foreclosures;
- It is taking banks a minimum of 14 months to evict delinquent borrowers, sometimes longer.
- Delinquent borrowers are using that time to live rent free, hopefully using the time to pay off other debts and get their financial house in order.
- This long wait will push more foreclosures into 2011, slowing the recovery.
- Banks are not in a hurry to foreclose for they have to write down the value of the property to market value lowering their assets.
- The number of delinquent loans and bank owned properties now stands at 7.9 million.
- 1.1 million loans that were current January 1st were delinquent at the end of February.
- Arizona ranks number 3 in non-current loans behind Florida (#1) and Nevada.
Resource: REALTOR.org & Lender Processing Services
