Q3 Foreclosure Report Offers Mixed News

RealtyTrac released its U.S. Foreclosure Market Report for Q3 of 2011 and its a mixed bag for the housing market. The number of foreclosures slightly increased - less than 1 percent - from Q2, but decreased 34 percent in a year.

According to the report, it's taking slightly longer for foreclosure filing - 336 days versus 318 days in Q2. New York is the state with the longest foreclosure filing with 986 days; New Jersey follows second with 974 days; and Florida with 749 days. Texas, Kentucky and Virginia ranked respectively as the states with the shortest foreclosure filings.

States with the highest foreclosures:

  • Nevada: one in 44
  • California: one in 88
  • Arizona: one in 93

The average time to sell foreclosures hit record highs in Q3. It now takes an average of 318 days to sell compared to 245 in Q2.