Non-judicial state foreclosures inventories are less than half those of judicial states such as New Jersey. Foreclosure sale rates in non-judicial states are four to five times higher, but judges are starting to ramp up the process.
Bank repossessions actually surged in October in many judicial states, up 48% in New Jersey and up 73% in Indiana month-to-month, according to RealtyTrac. Still, the backlog is enormous.
Overall foreclosure inventory is at an all-time high, 4.29% of all active loans, according to LPS