RealtyTrac announced today that Nevada has now dropped to 3rd place in the foreclosure rate.  This would include foreclosure related filings such as, Bank repossessions, defaults and scheduled auctions.  Sadly, in May one in every 313 homes had a foreclosure related filing.  In total Nevada had 3,755 filings down from 11,039.  Washoe County had 421, down from 1,152 and Clark County 3,122, down from  9,203.

Assembly Bill 284 which was passed in October 2011 might be responsible for this as it required stricter documentation during  the forcelosure process and has slowed the number of distressed homes released on the market.  Unfortunately Nevada is more than likely going to see more short sales and auctions as lenders learn how to navigate through a Assembly Bill 284.   RealtyTrac CEO Brandon Moore said, “U.S. foreclosure activity has now decreased on a year-over-basis for 20 straight months including May, but the jump in May foreclosure starts shows that it’s  going to be a bumpy ride down to the bottom of this foreclosure cycle.”

If you are considering doing a short sale on your home please remember that it is not always necessary to use an Nevada Attorney,when short sales are free. Consider the following; will the attorney guarantee their services and pay you a full refund if they fail to perform? If you meet with an attorney who won’t agree to refund your money should they fail to get your short sale approved, you should move on. Keep your hard earned money. Why pay an attorney for a service that should not cost you a dime. Many banks are now waiving their right to pursue deficiency, and some banks are even offering “cash back” to homeowners as an incentive to short sell.  Remember there are many short sale agents that are specialists in this field.