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Foreclosures can take a long time to process, but they are getting faster. Properties foreclosed in the second quarter took an average of 720 days from the first foreclosure notice to completion. That is down from 883 days a year ago, according to a new report released by ATTOM Data Solutions, a real estate data firm.
The states with the longest average timelines for foreclosures completed in the second quarter were:
- Hawaii: 1,553 days
- Florida: 1,166 days
- New Jersey: 1,161 days
- Utah: 1,108 days
- Indiana: 1,054 days
For comparison, the states with the shortest average timelines for foreclosures completed in the second quarter were: Arkansas (152 days); Virginia (169 days); New Hampshire (177 days); Mississippi (188 days); and Minnesota (222 days).