Reporting Nathan Tannenbaum
( Las Vegas, NV ) – After a couple of months not leading the nation in foreclosure starts, a real estate analyst says the Silver State more than doubled up on the process last month, shooting us back to the top of the heap. Darren Bloomquist, Vice-President of RealtyTrak says it was a 226% increase in foreclosure filings from July to August.
Bloomquist says there’s a fairly simple explanation for the huge jump. He says a law passed in the recent session of the state legislature was supposed to speed up the process- - but that it didn’t work – at first. He tells KXNT that lenders have now figured out the paperwork and have ramped up the foreclosure filings. From 450 notices in July, Bloomquist reports the August number was 1500.
But he also says a “step back” look at the big picture shows we’ve really come a long way from the worst of times, noting a month in 2009 had 10,000 foreclsoure filings.