NEVADA'S NEW FORECLOSURE RULES
APPEAR ON TRACK TO BRING A NEAR
COMPLETE HALT TO FORECLOSURES IN
THE STATE

Says Sean O'Toole, the Chief executive
of Foreclosure-Radar.

Foreclosure starts in Nevada dropped
significantly in December, along with
time to foreclose, which normally gets
extended during the holiday season.

In Clark County, notice of default filings
fell to 923 in December, an 82.5 percent
decrease from 5,277 filings from a year ago
in the same month, the Discovery Bay California
based on-line listing service reported.

Since a Nevada law took effect in October,
2011, requiring lenders to prove they have
the authority to foreclose, default filings
have hovered around 1,000 a month.

There were 3,140 notices of Trustee sales
during the month, roughly half of the 6,089
in December 2010.

Nevada's new foreclosure law which caused
default filings to plummet in October, is
now tracking down to foreclosure sales as
well.

"Foreclosure activity usually bounces back
after lenders dealt with such state law
changes in the past, but it's less clear
that such a recovery will happen soon in
Nevada, O'Toole said."

"The only foreclosures you have now are
homeowner association liens. The vast
majority are not lenders."

In the near-term, the law will certainly
help homeowner facing foreclosure, eviction
and potentially deficiency judgements.

The changes put in place are pretty much
significant, "he said." Look at Recon Trust
at Bank of America. They had to rebuild
their entire foreclosure process because
the Trustee can't be owned by the Lender.

The foreclosure time frame was 330 days in
December, 13 days shorter than in November.

"If you are a homeowner who wants to move
on and repair your credit, that's a good
thing, O'Toole said."