USA Today reports on new research that reveals the extent of the foreclosure crisis. The current pace of foreclosure sales in half the states is so slow that it will take more than eight years in most places to clear the backlog. According to LPS Applied Analytics, it could take states like New York and New Jersey at least 50 years at their current pace to clear the pipelines. Nationwide, there are 2.1 million homes in foreclosure or with seriously delinquent mortgages. The crippling backlog illustrates the continuing impact of the nation's worst housing-market collapse, which "is likely to weigh on real estate prices in many markets for years to come."
It's only matter of time before the banks fail entirely, leaving occupants as the natural owners of their residencies by default.
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