It takes much longer to process home foreclosures than it used to.
In May, according to the real estate data firm RealtyTrac, one in every 605 homes in America received a foreclosure filing. That's 214,927 foreclosures.
This is a 33 percent drop from the previous May, and it represents a 42-month low overall. But RealtyTrac senior vice president Rick Sharga says the number should be much higher.
"There's about 4 million seriously delinquent borrowers out there, many of whom would already be in foreclosure except for processing delays," Sharga said in June.