(Las Vegas, NV) — Nevada foreclosure filings hit a 17-month high in February.
A Nevada law enacted in October 2011 increased requirements for lenders to begin the foreclosure process. While that encouraged banks to approve short sales as an alternative for some homeowners, experts say it delayed the inevitablility of foreclosure for others.
RealtyTrac reports foreclosure filings in February increased 334 percent compared to a year ago, keeping the state’s foreclosure rate as the second highest nationwide for the fifth month in a row.
One in every 320 Nevada housing units had a foreclosure filing last month, more than twice the national average.