A new report names the U.S. counties that boast the shortest timeframes for processing foreclosures, and two Minnesota counties are at the top of the list.
According to the report, done by Bloomberg Rankings and RealtyTrac, Rice County ranked third in the nation at an average of 51 days. While this doesn’t bode well for Rice County residents who want to stay in their foreclosed homes as long as possible, it does have good implications for the economy.
Jonathan Miller, president of New York appraiser Miller Samuel Inc., told Bloomberg.com that in markets where it takes longer for the foreclosure process, it takes longer for the housing market to recover.
Guadalupe County, Texas, led the nation with a foreclosure process time of just 46 days; St. Louis County, Minn., came in second.
On the other end of the list, in Kings County, N.Y., lenders took 1,187 days – more than three years – to repossess a home during the final quarter of 2011. The 10 U.S. counties with the longest foreclosure timelines were all in New York and New Jersey.