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In New York, it took an average of 1,001 days for the foreclosure process to run its course in the second quarter, down from 1,056 days in the first quarter. Of the homes that entered the foreclosure process in June, those that end up as bank-owned properties would likely hit the market a year from now, Blomquist said. "However, if they take the short sale route, it may be sooner," he said. Short sales take, on average, 319 days to sell from the time they enter foreclosure. A stronger housing market could mitigate the impact of future foreclosures on home prices, and home sales are expected to end up ahead of last year. But many economists still say the market is years away from a full recovery. There are some 3 million U.S. homes behind on their mortgages, according to the Mortgage Bankers Association. An additional 629,000 homes were on banks' books as of June, but not yet sold. That translates into a 15-month supply, at the current pace of sales, according to RealtyTrac. And nearly 13 million home loans are underwater, or owing more than the house is worth. Those properties could be at higher risk for entering the foreclosure process. Even so, the backlog in foreclosures that banks are still dealing with has slowed the pace of home repossessions. RealtyTrac forecasts some 700,000 homes will be repossessed by lenders this year, down from about 1 million last year.
[Associated
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