There a LOT of shadow inventory out there.  As an examiner working in NJ, I'm seeing foreclosures that are just now going into Sheriff's sale where the Lis Pendens were filed YEARS ago - (2006 - 2012).

Average time in NJ is about 24 months to get to Sheriff's sale IF the owner just lays down and does nothing.  If it's in proceedings, could take longer.

I know one person in NJ who hasn't made a mortgage payment since 2007 on a 2007 loan and just now received a LP notice.  So, start the 24 months from when the case actually goes to court (after verification of notice, serving the person, and all the other prelim needed to get a judge to look at it)

The loan has been sold about 10 times over the last 8 years.  Should be interesting to find out what happens on that one and how many more years it will take before it is actually foreclosed or if the owners decide to negotiate a short sale in the 11th hour.

So, yeah, I'm in agreement with the other poster, just our Feds pulling the financial strings on the market.

Oh, last comment, it is very very HARD to get a Loan Modification.  I know the media reports they are happening all the time, but I RARELY have Modifications come across my desk for new title work.  Foreclosures, sales and an occasional refi, yes,  but Mods?  No.

Back to coffee and work.

 

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