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Today’s WTF data point is how long it will take to work through the backlog of foreclosures at the current pace:
“In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.
Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.
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Source:
Backlog of Cases Gives a Reprieve on Foreclosures
DAVID STREITFELD
NYT, June 19, 2011
http://www.nytimes.com/2011/06/19/business/19foreclosure.html
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