Additionally, neighbors and neighborhoods suffer potential spillover effects from foreclosure sales because foreclosures may reduce the attractiveness of the neighborhood or may signal to potential buyers a forthcoming decline in neighborhood quality. Problems with foreclosure documentation procedure could lead to further delays in an already lengthy foreclosure process.
Recent estimates suggest that the average time to foreclosure in the United States has already increased from 251 days in January 2008 to more than 440 days in 2010.