The Big Picture: There is a wide range of length of time from the date of serious delinquency (90 days delinquent) until foreclosure proceedings are started. The shortest delay is in Wyoming (208 days on average) to Massachusetts with 373 days. LPS Applied Analytics reported this week the average length of time it takes to refer a home to foreclosure. The five slowest states:
Massachussets 373 days
California 367 days
New York 344 days
Maryland 358 days
Florida 307 days
A year to foreclosure is considered by attorneys and analysts to be quite a long time. It strongly implies that the banks and law firms processing these are disorganized and under-staffed.
The map shows data for all 48 contiguous states: