The process of getting the home lending and servicing businesses readjusted in the wake of the financial crisis is well underway even if far from complete.

But dealing with individual foreclosures remains a long and arduous process in some states. Just ask residents in New York, where according to data cited by MarketWatch reporter Amy Hoak, a foreclosure can take up to three years.

The outcome of this slow-moving process is ongoing stress for troubled homeowners and the potential to create more risk for future homebuyers in certain states, MarketWatch suggested. Those risks, according to Hoak, come from a potential g-fee hike that could increase lending costs in certain states and lackluster home prices caused by a constant overhang of distressed properties.

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