(Las Vegas, NV) — Foreclosures are decreasing across the country and bank reposessions are at a 65 month low. Locally, the trend is moving in the opposite direction.
Foreclosure starts are up over 300 percent in Nevada compared to a year ago, and are at a 17 month high, according to RealtyTrac’s Q1 2003 Foreclosure Sales Report.
Experts say state legislation from October 2011 created a log jam of paperwork, delaying foreclosures. Lenders are now playing catch-up.
RealtyTrac’s Daren Blomquist warns these foreclosure filings will most likely turn into actual reposessions by the end of 2013.
For a complete look at the report, visit RealtyTrac’s website.