Tracking Serious Delinquencies in America's 100 Largest Metropolitan Areas (1st Quarter 2012)
Metro areas in Florida, New York and Ohio are experiencing relatively high rates of serious delinquency. These states require a "judicial" foreclosure process where courts must make a final decision about a property before it can exit foreclosure. Judicial foreclosure laws are enacted by states to ensure due process and provide the opportunity for borrowers to negotiate with their lender. However, if the foreclosure process drags on for too long, foreclosures risk destabilizing neighborhoods and housing markets. Finding the balance between speed and equity is a difficult, but nonetheless a critical task to restore the health of the housing markets.
For more see the Analysis of Serious Delinquency in the 100 Largest Metro Areas at Foreclosure-Response.org.
Send us your comments to help further the discussion.