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Homes foreclosed on in the first quarter have been in the foreclosure process an average of 917 days—about 2.5 years, according to ATTOM Data Solutions’ Q1 2022 U.S. Foreclosure Market Report. But the foreclosure process time can stretch way beyond that in some markets—even up to seven years.
In Hawaii, homes in foreclosure are taking the longest to process in the country at 2,578 days, according to ATTOM Data Solutions.
On the other hand, the states with the shortest average foreclosure times are a fraction of those timelines, led by Montana (133 days); Mississippi (146 days); and West Virginia (197 days).
Recently, ATTOM Data Solutions reported that foreclosure starts and bank repossessions were at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels. Read more: Foreclosure Activity at New High Since the Pandemic Began