Housing

Get Free Housing For A Year!

This morning's NYT fronts a familiar housing-bust trend story: People who've chosen to stop paying their mortgages.

One striking figure in the story: As of April, it took 438 days, on average, for delinquent homeowners to be evicted. That's up from 251 days in January of 2008.

The rise has been driven both by pressure from the government to work with delinquent borrowers and by the sheer number of defaults banks have to contend with.

The graphic that accompanies the story shows the average time to eviction in each state; in New York and Florida, the average is over 500 days.

On a related note, check out our podcast from January on strategic defaults, where underwater borrowers actually want the bank to foreclose on their home as quickly as possible.

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