- Almost 40 percent of loans in foreclosure have not made a payment in two years, and 72 percent have not made a payment in a year or more.
- The time from last payment to foreclosure sale in judicial states is 761 days, which is six months longer than in non-judicial states. (Judicial refers to how foreclosures are processed in different states)
- 2.36 million loans less than 90 days delinquent.
- 1.84 million loans 90+ days delinquent.
- 2.17 million loans in foreclosure process
Get ready for a lot more signs over the next few years as banks try to slowly flush through this inventory. If there is only one home for sale on your street today, remember that 4 others could be hidden in the "shadows."
The residential real estate market is set up perfect for one last major move downward.