Now, add in an attempted loan modification, an attempted short sale or 2, state mandated foreclosure mediation meeting, and the real number grows to closer to 700 days.  Nationwide, the average it takes a homeowner who defaults on a mortgage to actually lose a property through a foreclosure has increased 75% since 2008. 

This information was received in a blog post submitted by Tim Harris, a real estate coach, on June 7, 2010 and it is amazing.

So what does it mean? 

Foreclosures will continue to increase and prices in the housing market will continue a downward trend.  I cannot even guess how many foreclosures will be on the market in Shasta County at the end of the year.