Foreclosures Increasing in Pipeline in Many States

Foreclosure CrisisThe number of homes in the foreclosure pipeline is increasing in states including New York, New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.

Home loans that were delinquent or in foreclosure fell in three states hit hard by the housing market collapse, dropping 19% in Nevada, 21% in California and 25% in Arizona in the year through Nov. 30, Lender Processing Services Inc. reported Friday. At the same time, they rose 7.4% in New Jersey, 5.2% in Connecticut and 2% in New York, as mandatory judicial procedures delayed seizures.

“(It’s) a tale of two countries,” said Herb Blecher, senior vice president at LPS Applied Analytics, a unit of the Jacksonville, Fla.-based mortgage-services company. “There are certainly two different scenarios that can play out.”

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