The age of delinquent loans for residential homes in various stages of foreclosure was significantly higher in judicial foreclosure states than in non-judicial states in October, according to Black Knight Financial Services ' October 2014 Mortgage Monitor  released Thursday.
In judicial states, where the foreclosure process must pass through the court system, the average age of a delinquent loan in any state of foreclosure in October was 37.2 months, or slightly longer than three years, according to Black Knight. For non-judicial foreclosure states, the average age of a delinquent loan in foreclosure was 26.6 months.
The average age of a delinquent loan for which a foreclosure start was initiated in October was nearly identical for both judicial and non-judicial foreclosure states, according to Black Knight. For non-judicial states, it was 9.8 months; for judicial states, it was 9.9 months.
Meanwhile, Black Knight reported that the average age of a delinquent loan for which a foreclosure sale was completed was also significantly higher in judicial states than in non-judicial ones in October. For delinquent loans in foreclosure, the homes were sold after an average of 39.7 months in judicial states; for non-judicial states, the average loan age was 25 months, according to Black Knight.
Foreclosure pipelines, or the number of months it takes to clear out the backlog of seriously delinquent loans (loans more than 90 days past due) or foreclosures at the current rate of foreclosure sales, were nearly equal in October for both judicial and non-judicial states in October, according to Black Knight. The judicial foreclosure pipeline, which peaked in mid-2011 at 118 months, was reported at 52 months for October 2014. The non-judicial foreclosure pipeline was 53 months, Black Knight reported.