foreclosures and lengthening foreclosure timelines. The average length of time from the onset of delinquency through the end of the … foreclosure process also expanded significantly, averaging up to three years in some states. Most individuals undergoing … foreclosure were experiencing serious financial stress. However, the extended foreclosure timelines enabled mortgage defaulters to …

Since the start of the financial crisis, we have seen an extraordinary lengthening of foreclosure timelines …, particularly in states that require judicial review to complete a foreclosure but also recently in nonjudicial states. Our analysis … of judicial foreclosure review. Consistent with previous studies, we find that judicial review imposes large costs with …

match the homeownership rate, the average foreclosure rate, and the lower tail of the distribution of home-equity ratios … facts. We then use the model to account for the foreclosure crisis in terms of three shocks: overbuilding, financial … frictions, and foreclosure delays. The financial friction shock accounts for much of the decline in house prices, while the …

foreclosures. Foreclosure timelines — the length of time between initial mortgage delinquency and completion of foreclosure — also … expanded significantly, averaging up to three years in some states. Most individuals undergoing foreclosure are experiencing … serious financial stress. However, extended foreclosure timelines enable mortgage defaulters to live in their homes without …

, the average foreclosure rate, and the distribution of home-equity ratios across homeowners prior to the recent boom and … show that the model can account for the observed decline in house prices and much of the increase in the foreclosure rate … if two additional forces are taken into account: (i) the lengthening of the time to complete a foreclosure (during which …

transact at 9.2% to 10.5% higher prices on average than those that sell after foreclosure. Short sales also exert smaller … a foreclosure. So why weren’t short sales more prevalent? These home price benefits did not increase the prevalence of … led servicers to prefer more short sales. In states with longer foreclosure timelines, the benefits from foreclosures …

foreclosure timelines, which have offset higher sales recoveries. Simulations show that cutting foreclosure timelines by one year … extended foreclosure timelines and increased loss severities in spite of their benefits of increasing loan modifications and …