Nevada Foreclosure Filings Dry Up After ‘Robo-Signing’ Law

Foreclosure filings in Nevada plunged in October during the first month of a new state law stiffening foreclosure-processing requirements.Slightly more than 600 default notices were filed against homeowners through Oct. 25 in the state’s two most-populous counties, Las Vegas’s Clark County and Reno’s Washoe County. That was down from 5,360 in September, or an 88% drop, according to data tracked by ForeclosureRadar.com, a real-estate website that tracks such filings. Default notices represent the first step in processing foreclosures.“It leaves this shadow,” says Sean O’Toole, president of ForeclosureRadar. “If you’re a buyer, and you don’t know when or how that market’s going to clear, it’s not going to leave you a lot of confidence in investing in that area.”