Foreclosures plunge in Nevada

 

Foreclosure filings in Nevada dropped in October, which was the first month of a new state law that mandates tighter foreclosure-processing requirements.

November 11, 2011
mortgage, robo-sign, foreclosure, housing market, nevada

Foreclosure filings in Nevada dropped in October, which was the first month of a new state law that mandates tighter foreclosure-processing requirements, the Wall Street Journal reported.

Slightly more than 600 default notices were filed against homeowners through Oct. 25 in the state’s two most-populous counties, Las Vegas’s Clark County and Reno’s Washoe County.

This was down from 5,360 in September, or an 88 percent drop, according to data tracked by ForeclosureRadar.com, a real-estate website. Default notices represent the first step in processing foreclosures.

Nevada’s state Assembly passed a measure, which took effect on Oct.1, that was designed to crack down on “robo-signing,” where bank employees signed off on huge numbers of legal filings while falsely claiming to have personally reviewed each case. Banks suspended their foreclosure filings one year ago and have gradually restarted them after those and other questionable foreclosure-processing practices surfaced.

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