Foreclosures Spike Before New Law Takes Effect - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Foreclosures Spike Before New Law Takes Effect

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Analysts say the number of initial foreclosure notices in Nevada spiked in the days before a state law adding more steps to the process took effect Oct. 1.
Tracking website counted more than 3,700 notices of default in Clark County in September, more than triple the 1,149 the site counted in August. 
The Las Vegas Review-Journal reports the number reached a one-day high Sept. 30, when it hit 934.
RealtyTrac officials say they're finalizing their statewide numbers, but they've also noted the filing rush.
The run-up came just before the implementation of the Homeowner Bill of Rights, which requires lenders give 30 days' advance notice before filing for foreclosure and adds other homeowner protections.
The state's foreclosure count swung dramatically in the past when new foreclosure laws came online.   (AP)

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