There are 21,762 home owners in Connecticut that are 90 days or more behind on their mortgage payments, the report (available below) shows.
“At the current pace of foreclosure sales (and please note, these sales are when the lender takes possession or there is some other involuntary liquidation – not if you or I were to purchase a foreclosed property from the bank), it would take 245 months, or just over 20 years, to work through the loans currently either 90+ days delinquent or in foreclosure,” Mitch Cohen, Sr. Vice President, Managing Director, of MPRG, told CtWatchdog. MPRG represents LPS Applied Analytics.
The problem for banks will get worse and homeowners will have even more breathing room as millions of additional homeowners stop paying on their mortgages as more people lose their jobs or are unable to find new work.
5 years for Rhode Island:
Given the current pace of foreclosure sales in the state, it would take 63 months — more than five years — to sell every housing unit in Rhode Island currently in foreclosure or more than 90 days delinquent.
Lenders in April filed for foreclosure on Rhode Island homes that had fallen an average of 334 days behind on mortgage payments. Foreclosed homes sold in April had been delinquent an average of 664 days.
Given the current pace of foreclosure sales in the state, it would take 63 months — more than five years — to sell every housing unit in Rhode Island currently in foreclosure or more than 90 days delinquent.
Lenders in April filed for foreclosure on Rhode Island homes that had fallen an average of 334 days behind on mortgage payments. Foreclosed homes sold in April had been delinquent an average of 664 days.
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