The longest average foreclosure times were not confined to one area of the country, according to a study from ATTOM Data Solutions. In Q3 2019, the states with the longest average foreclosure timelines for homes foreclosed were Indiana (1,633 days); Hawaii (1,626 days); Nevada (1,511 days); New Jersey (1,173 days); Georgia (1,170 days); Florida (1,138 days); New York (1,103 days); Washington (1,002 days); Oklahoma (950 days); and Pennsylvania (914 days).
The shortest average foreclosure times were in Virginia (201 days); Montana (217 days); Mississippi (229 days); Alaska (258 days); and Oregon (283 days). Here are the remaining top 10 states with the shortest foreclosure timelines in Q3 2019: New Hampshire (292 days); Arkansas (318 days); Wyoming (321 days); Minnesota (354 days); and West Virginia (385 days).
Nationwide, foreclosure starts have been declining. According to ATTOM Data Solutions’ most recent quarterly U.S. Foreclosure Market Report, there were a total of 143,105 U.S. properties with foreclosure filings in Q3 2019, and the average time to average time to foreclose saw an uptick in Q3 2019 as properties foreclosed during the quarter had been in the foreclosure process an average of 841 days, up from 716 days in the previous quarter and up from 713 days in Q3 2018 to the highest level since Q4 2017.
Analyzing ATTOM’s data, BankForeclosuresSale.com determined that the first quarter of 2020 will show another decrease in the nation's foreclosure rate.
"Even when foreclosure rates dip, which is a good thing on many fronts, there are still opportunities for those interested in investing,” said Simon Campbell of BankForeclosuresSale.com. “In 2020, there will remain cities and states that have more available properties than others. For example, it makes sense to believe that New Jersey, Illinois, and Florida will continue to have some of the highest foreclosure rates in the country."