The average time it takes to foreclose on a house today is nearly 5 times what it was in 2008, at close to 3 years.

Peak rates during the sub prime crisis happened a few years later.

I would not be surprised if the economic dragdown took until 2028 or so to get through the current cycle.

https://www.attomdata.com/news/most-recent/attom-q1-2023-u-s-foreclosure-market-report/