LAS VEGAS -- Nevada still leads the nation in foreclosures, but an interesting trend is happening. The foreclosure filings have suddenly dropped. While it may look like good news on the outside, experts say it probably won't last.
Foreclosure notices took a nose dive in October in Clark County, but experts say the new law that is responsible is just prolonging the inevitable.
A new state law went into effect Oct. 1 forcing banks to make sure they have their paperwork in order before moving ahead with foreclosures.
"What the banks are doing is just taking a step back, crossing the T's dotting the I's, making sure every document in there is in fact correct," said Bill Uffelman with the Nevada Bankers Association.
Foreclosure notices dropped last month from more than 3,600 in September to just 116 in October, according to an independent online company that collects foreclosure data.
"I'm grateful as a person who represents homeowners because this is information that we sorely needed. At the same time, it's going to cause a little bit of an inconvenience in the process as the lenders adjust to this extra requirement," said Marvin Longbaugh.
Both sides say the law doesn't help the core of the foreclosure crisis.
"These are foreclosures of people who haven't made their mortgage payments, in a lot of cases, a year, 18 months, two years. They've started and stopped foreclosure many times, whether its through the mediation process or the negotiation before mediation," said Uffelman.
Experts say it will take a while, maybe three or four months, before the banks are back to the numbers we're use to seeing.
"Obliviously they are not taking in mortgage payments. At the same time, it just delays things and yes, they'll get caught up one of these days," said Longbaugh.
Foreclosure experts say Clark County could see a similar situation as California did in 2008 when a similar state law was passed there. Foreclosure notices returned to normal levels after only a few months.
Monday, September 1 2014 6:06 PM EDT2014-09-01 22:06:07 GMT
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