However, there are state-by-state averages, which Lender Processing Services Inc. (LPS) tracks each month. Nationwide, homeowners facing foreclosure are collectively 611 days late paying their respective mortgages.

The top places where foreclosures on average take the longest include:

• New York (767 days)
• Florida (757 days)
• New Jersey (708 days)
• Hawaii (681 days)
• Washington D.C. (676 days)

The top places where foreclosures on average take the shortest include:

• Wyoming (398 days)
• Nebraska (407 days)
• Alaska (411 days)
• Idaho (416 days)
• Arizona (418 days)

Homes in states that follow the judicial foreclosure process typically take longer to get through the system because the courts are so overburdened. Non-judicial states, therefore, are going to typically recover faster, according to Herb Blecher, a senior vice president for analytics at LPS, in a recent interview with BusinessWeek. com.

For more on the foreclosure laws in your state click here. To search foreclosed homes for sales in your area click here.

The (in)famous Watergate Hotel in Washington, D.C., which fell into disrepair in 2007 and then foreclosure two years later, has been sold for $45 million in cash to Euro Capital Properties, according to The Washington Post.

Located at 2650 Virginia Avenue NW, the 251-room building, which also features 146 suites, is located in the same complex where perhaps the most famous political scandal in American history took place.

In 1972, five men were arrested for burglarizing the Democratic National Committee headquarters within the Watergate Office complex. It was eventually revealed that President Richard Nixon had knowledge of the illegal activities and attempted to cover them up

Nixon resigned two years later in 1974 to avoid impeachment.

In 2009, then-owner Monument Realty defaulted on a $40 million loan, forcing the lender to foreclose on the fabled landmark, which overlooks the Potomac River near the heart of the nation’s capital.

It’s that ideal location, as well as Watergate’s rich history, which convinced the new owners to make such a large investment.

Euro Capital principal Jacques Cohen explains:

“There’s no other property in walking distance of Georgetown and that close to the White House and the Kennedy Center … and that has the most gorgeous views in Washington.”

Cohen explains that Euro Capital will dump an additional $50 million into Watergate in renovations that include luxury condominiums, a spa and ample meeting space, as well as restaurants and bars, among other amenities.

Rooms, according to the report, will likely fetch more than $300 a night.

The Watergate Hotel in Washington, D.C., will hit the auction block this morning after its owners, Monument Realty, defaulted on its loan, listing an outstanding $40 million balance, according to an Associated Press report.

Located at 2650 Virginia Avenue NW, the 250-room building, which also features 146 suites, is located in the same complex where perhaps the most famous political scandal in American history took place.

In 1972, five men were arrested for burglarizing the Democratic National Committee headquarters within the Watergate Office complex. It was eventually revealed that President Richard Nixon had knowledge of the illegal activities and attempted to cover them up

Nixon resigned two years later in 1974 to avoid impeachment.

Alex Cooper Auctioneers is scheduled to auction The Watergate Hotel, beginning at 10:15 a.m. today (Tuesday, July 21, 2009). The report indicates that a minimum $1 million deposit will be required at the time of sale.

We’ll pass along additional news of the auction as soon as possible.

Note: Other comparable listings in this neighborhood range from $352,935 up to $630,990. For more property details or to talk to a local real estate agent/broker about this listing CLICK HERE.

This three-bedroom, two bathroom home is ideally located just minutes from downtown Washington, D.C. With a living area size more than 2,100 sq. ft. — and a whopping reduced price — this listing can be a steal for first-time homebuyers and investors alike.

To check out some of the other “Deals of the Day” feel free to visit our archive.

What’s the deal of the day? We comb through our nationwide database of more than 1.2 million distressed real estate listings to showcase some of the best investments available on our Web site each morning. These listings represent just a small fraction of the amazing investment opportunities available at Foreclosure.com. To find more bargains like the one pictured above search Foreclosure.com or sign-up for FREE Email Listing Alerts.