Foreclosure Starts Jump 300% In Nevada

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(photo: MARK RALSTON/AFP/Getty Images)

(photo: MARK RALSTON/AFP/Getty Images)

(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.

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