The average amount of time that properties repossessed by lenders lingered in the foreclosure process grew to 630 days in the third quarter, according to RealtyTrac's Danielle Mazarella.
That time-span represents the longest average foreclosure process since RealtyTrac began tracking the data in 2007. In all, 28 states during this period increased the length of their foreclosure time:
The number of bank repossessions (REOs) spiked 66 percent from a year ago, indicating that a backlog of bank-owned homes held up by various legislative and legal delays is finally spilling over the dam, and many of these homes will be hitting the market for sale in the next six to 12 months.
For more information for this record-tying foreclosure process, click over to RealtyTrac: