March 22nd, 2011 4:28 PM by Teresa Molina
For four years in a row, the time it took from the opening of escrow to close was 30 days for a normal transaction between 2005 and 2008 according to the California Association of Realtors Annual Housing Market Survey. However, in the past two years, with the current change underwriting standards for mortgage loans, escrow is taking a bit longer—about 40 days.
The length of time it takes to close escrow is the same as it was in 2003 (just prior to the mortgage frenzy of ’04, ’05, and ‘06). This shows that the Real Estate market is returning to somewhat normal conditions as escrow companies are taking their time to review, document, and close the transaction.
I hope you find this information helpful!