LAS VEGAS (AP) — Nevada's foreclosure rate has jumped back to highest in the nation after surging 104 percent in August compared with a month earlier.
RealtyTrac statistics released this week show one in every 359 homes in Nevada saw some sort of foreclosure filing in August. The firm counted 1,419 initial notices of default.
The rate is up 11 percent year-over-year.
Real estate experts say the spike is likely driven by changes in state law.
Greater Las Vegas Association of Realtors President Dave Tina tells Fox 5 banks may be foreclosing on people who stopped paying their mortgages because of anti-robo-signing law AB284. Lawmakers reworked the law this spring.
Broker Scott Beaudry says banks likely want to file foreclosure paperwork before a new law, the Homeowners' Bill of Rights, takes effect in October.
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