I-Team: Experts Credit New Laws with Foreclosure Spike - 8 News NOW

I-Team: Experts Credit New Laws with Foreclosure Spike

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LAS VEGAS -- Nevada takes the title of number one state in the country in foreclosure notices.

Nevada regained the unfortunate title back from Florida, which was foreclosure capitol of the nation these past three months.

A new report from analytics company RealtyTrac shows Las Vegas foreclosures are at more than two and a half times the national average.

RealtyTrac: Nevada Foreclosure Rate Tops U.S. Again

Our Nevada foreclosure ride began in 2011 when foreclosures peaked at 5,000 notices of default a month.

It crashed after Nevada foreclosure mediation law went into effect, only to go back up and down.

However, just last month, there was a spike of more than 200 percent in foreclosure starts. Las Vegas real estate experts explain that laws passed by the State Legislature this session are affecting how banks operate.

"You have new laws that are going into affect. One that went into effect June 1, which probably forced banks into the position of 'let us take a breath and see how we need to adjust our behavior in order to comply with that.' Then you have another law taking effect October 1," associate director of UNLV's real estate studies Marcus Conklin said.

According to foreclosure attorney Tisha Black, the law that takes effect October 1 forces lenders to call borrowers a certain number of times and account for providing alternatives to foreclosure.

Experts say Las Vegas neighborhoods should prepare for another wave of notices of default taped with that familiar blue tape on peoples' doors over the next few months.

RealtyTrac believes Nevada will experience what they're calling a "foreclosure flash flood" lasting into next year.

For people in danger of losing their home, click here for Desert Underwater section, which has resources for people facing foreclosure. 

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