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State Backlogs Delaying Housing Market Recovery?

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  • Description

    FBN's Peter Barnes weighs in on foreclosure backlogs.

  • Duration 1:38
  • Date

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-- that's gonna be -- housing market now for a moment and it's no secret it's been hurting but the latest data that's out shows that some states are far worse than others.

Looking New York alone looking at a 69 your inventory of foreclosed properties Peter Barnes has the story for you.

-- almost seven decades really -- I -- had Dana Connell it's at its.

Unbelievable a new report from Lender Processing Services shows the foreclosure mess is -- really ugly in some states like New York where foreclosure laws.

Are tougher.

69 years 800 plus months of inventory of foreclosed homes.

In the pipeline their New Jersey right behind Hawaii third that's making -- harder clears some markets up foreclosed comes.

Which is likely delaying the housing market recovery.

We've got two million loans and in foreclosure nationwide at this point.

And and it's hard to see how we get back to a healthy market without clearing out a substantial portion of those.

Foreclosures and -- epicenter states like California are actually winding down now because laws there make foreclosures easier vegan and -- and some of those numbers are you -- obviously brutal but as we said Peter coming in some states worse than others some.

Which -- the others.

It easier for clothes and Texas don't mess with Texas -- about 39 months there about three years -- foreclosure sales in the pipelines -- lowest in the nation.

Followed by Alabama.

And Virginia is shining brightly.

Like its favorite daughter -- and -- yeah that's fair.

Thank you paid or not make chain but certainly mr.

bonds coming to us from Washington Peter meanwhile he.

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