( Las Vegas, NV ) – Nevada has tumbled further down the foreclosure list, but it may not necessarily be good news.
Having led the nation in foreclosures many times over the last few years, the Silver State now finds itself almost dropping out of the top ten states in underwater mortgages.
The latest numbers from the real estate information company, RealtyTrac, show we were 8th in the nation in foreclosures in November.
RealtyTrac Vice President Darren Bloomquist says the state’s new “Homeowners Bill Of Rights” law that went into effect in October has a lot to do with the drop.
He cautions that the drop may be both artificial and possibly temporary because of that legislation.
The law requires banks to give 30-days notice before starting a foreclosure.
The number of foreclosures in Nevada last month was down 55% compared to November of 2012.