New York foreclosure courts face seven-year backlog: RealtyTrac

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U.S. foreclosure filings dropped to a five-year low in September as fewer homes were on track to be seized by lenders.It was the second-consecutive monthly decline in filings, although there.

LOS ANGELES – Though Georgia’s foreclosures rose in May, the number of U.S. homeowners who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006.

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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The report yielded mostly mixed state-by-state results, with some states still experiencing significant spikes in foreclosure-related activity. States that process foreclosures through the courts – including Florida, Illinois, New York, and New Jersey – saw an increase in deferred foreclosure activity.

Foreclosures Hit Five-Year Low – – U.S. foreclosure activity has fallen to its lowest level in more than five years, according to figures released today by RealtyTrac, as the nation’s backlog of distressed properties continues to.

New York City New York City Upstate Figure 3. Pending Foreclosure Cases by Region (Snapshot at beginning of the year) Source: New York State Unified Court System. Data is as of Term 1 of the annual court calendar (corresponding roughly to the month of January). Downstate includes long island and the Mid-Hudson region. 2013 2013 2013 2014 2014 2014

New Jersey and New York have two of the longest foreclosure processes in the United States as filings flowing through the states’ court systems can take up to 18 months longer than the national.

New York's Impending Real Estate Doom – The Daily Beast – New York’s Impending Real Estate Doom. A hastily drafted moratorium on foreclosures has kept many New Yorkers in their homes. It’s about to change.

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Daren Blomquist, a Vice President at RealtyTrac, has proclaimed that we have "past the worst of the foreclosure crisis.’ He points to what he claims to be a five-year low, along with year-over-year decreases in foreclosures for the twenty-fourth consecutive month as the evidence. The only thing any of this is evidence of is that Mr. Blomquist is thick in the head.