Biz: Home foreclosure backlogs laughably long in some states
- 62 year backlog for foreclosures in New York state (no really) source
- » And they’re far from alone: Nearby New Jersey has a backlog stretching back a solid 49 years, and noted foreclosure mecca Florida has a decade-long backlog. A big reason? The courts are overworked on this issue and can only handle so many cases. But even in the 27 states where courts aren’t involved, the wait is often still significant — at least a year in many cases. Beyond the courts, the entire system is overworked — and lenders seem to be in no rush to add any more repossessed houses to their balance sheet.
