Across the nation, the rate of foreclosures has dropped in an annual comparison. This is due, in part, to the huge backlog of foreclosures in the court system, especially in states where the courts must review each foreclosure.

In New York alone, LPS Applied Analytics, a real estate data firm, estimates that it could take lenders up to 62 years, at their current pace, to repossess the large amount of homes that are currently in some form of foreclosure process. There are 27 states that do not require a review, such as California, Colorado and Nevada, whereas the backlog in these states is 2-3 years.

Herb Blecher, an LPS Senior VP, told The New York Times, If you were in foreclosure four years ago, you were biting your nails, asking yourself, When is the sheriff going to show up and put me on the street? Now youre probably not losing any sleep.