Foreclosure Backlog Worse Than Ever

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.