“Foreclosure processes take longer and even slow the market down in its recovery process in states that require judicial foreclosures, according to Pro Teck.
Pro Teck’s monthly Home Value Forecast ranks the single-family home markets in the top 200 core based statistical areas demonstrates the road blocks faced by those in judicial states. While only 22 states use judicial foreclosure, Pro Teck found that seven of 10 CBSAs with the largest percentage of foreclosures this month, and 19 of the largest 25, are judicial foreclosure states.
“Today, the lag in recovery can still be seen in states with judicial foreclosure laws, where the foreclosure process can take up to two years,” said Tom O’Grady, CEO of Pro Teck Valuation Services.
Pro Teck compared the cities of Cleveland, which does judicial foreclosures, to Phoenix, which does not, to show how they rank. Cleveland is number 21 on the list, whereas Phoenix is number 174. Here’s a closer look at each community…”