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Foreclosures Taking Longer

USA Today ran an article on February 21, 2011 reporting that banks and mortgage servicers are taking longer to foreclose on home owners who are behind on their mortgage payments.  The process can now take up to 2 years.  In December, 2010 the average borrower was able to stay in their home without making a mortgage payment for 507 days.  Delays in the foreclosure process means there are less bank owned properties available, helping keep prices up, but it also means the there will be foreclosures coming on the market for a long time to come. 

For more information on the Las Vegas real estate market, visit us at Las Vegas Home Specialist.com.

 

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