Foreclosure timelines continue their steady upward trend, as a payment has not been made on the average loan in foreclosure in a record 599 days reported by LPS Mortgage Monitor. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days, also a new record.

As of the end of June, 4.1 million loans were either 90 or more days delinquent or in foreclosure, as delinquencies remain two times and foreclosures eight times pre-crisis levels. Foreclosure sales remain constricted, with foreclosure starts outnumbering sales by a factor of almost three to one. It would 32 months to clear the inventories.