Foreclosures Top 100,000 In September

Posted By on October 21, 2010

The number of U.S. homes seized by banks topped 100,000 in September for the first time ever, according to RealtyTrac, a real-estate data company. The average loan in foreclosure is 484 days delinquent, according to LPS Applied Analytics. Some 23 states require foreclosures to go through the courts.

Even if the outcome of most cases is unlikely to change after bank reviews, the added scrutiny is already causing huge delays. That is evident in places like New York, where the chief judge of the state’s courts is requiring lawyers handling nearly 78,000 foreclosure actions in the state’s courts to verify that their clients followed proper procedures.

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