cited: US Foreclosure Filings Hit 4-Year Low in 2011

As reported in a cnbc article, foreclosures are at a 4 year low in 2011.  However, this number is artificially depressed according to real estate experts.  Some states have such a dysfunctional foreclosure process that it is bogging down housing foreclosures.  At Rodriguez & Doern, we have noticed that in New York State specifically with the conference program and the NYS judge on the foreclosure progress, this has elongated the average foreclosure from six months to well over a year. Although foreclosure filings may be down there is still a large amount of shadow listings, which is more delinquent mortgages and houses that are in pre-foreclosure status that have flooded the market and continue to keep the foreclosure process depressed.  As the article indicates even though foreclosures are down there are still a ton of properties which are delinquent.  We believe these are record levels.