The Foreclosure Timeline: The Curious Case of Cleveland’s Foreclosure Rate

The foreclosure process—from the initial filing to the sheriff’s sale of the home—is expected to take about seven months in Ohio. But for a time in the Cleveland metropolitan area, it wasn’t unusual for foreclosure proceedings to drag on for more than a year…or even two. Cleveland is well known for its high foreclosure rate, but less so for its lengthy foreclosure process. Economists Tim Dunne and Guhan Venkatu thought that not enough attention was being paid to the latter, and to its importance in determining the foreclosure rate. The average time for a foreclosure episode also has implications for borrowers trying to resume payment on delinquent loans, as well as for individuals considering acquiring a new mortgage.