Homeowners stay in home 17 months after default

In Data on February 21, 2011 at 7:23 am

Many news sources are reporting on the latest figures from LPS Applied Analytics a real estate database company who owns the industry’s largest database of mortgages covering more than 39 million active first and second mortgage loans, including portfolios serviced by nine of the top 10 mortgage servicers in the nation.

According to LPS:

“the number of days that the average borrower in foreclosure went without making a payment stretched from 410 in January to 507 in December, … before the foreclosure crisis, the norm was more like 250 days, says Herb Blecher, LPS senior vice president.”

There is no doubt that with this type of lag time built into the system there will continue to be downward pressure on home prices throughout 2011.

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