In 2013, foreclosures in Nevada could see some significant increase if lawmaker officials and financial institutions back a 2011 bill that prevented the progress of banks' retaking Nevada homes.  Although the Nevada housing market has fluctuated significantly, the long term effect of more foreclosures isn't exactly horrible.  Since 2011, Nevada foreclosures have risen somewhat, but are only less than half of where they were before the law went into place.  The law that, consequently, slowed foreclosures in Nevada. 

The bill in question is Assembly Bill 284:  passed by Nevada State Legislature in 2011, this bill makes banks have to prove legal rights to foreclose a home before any action is taken.  Further, this law requires documented history of a property, and bank workers knowledge of said documents via a signed affidavit.  The bill was passed initially to advocate honorable standards of the legal proceedings that accompany a foreclosure process.  Homeowners dealing with this process were thought to be protected from dishonorable actions from banks who might be attempting to foreclosure without proper cause.  While the intent was not to entirely prevent valid foreclosures, the threat of the law itself forced foreclosures into a dead stop.  Numbers of foreclosures that were once close to 5,000 statewide, were reduced to only 80 in October 2011.

Some housing analysts share the opinion that this law is stifling legal and necessary foreclosures, consequently making a false housing price increase that is only temporary.  Changes to the Assembly Bill 284 are currently being discussed in order to turn the foreclosure issue around that has so significantly effected Las Vegas real estate.