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Report: Lawmakers Only Temporarily Influencing Foreclosure Numbers



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(Sacramento, CA)
Tuesday, September 30, 2014
Nevada has been number two in the nation for most foreclosures in the past five months.  Realty Trac says the state had very few foreclosures while a law was in effect limiting banks' abilities to start foreclosure proceedings.  The law has now expired.
 
Daren Blomquist with Realty Trac says a similar law -the Homeowners' Protection Act- went into effect this year in California, "Unfortunately, I fear we may see that repeated in many of these California cities like Stockton and Sacramento where the legislation slows things down in the short term but in the long term is just kicking the can down the road and delaying foreclosures that will eventually happen."
 
Nevada foreclosure starts increased by more than 300 percent compared to a year ago.  The Sacramento foreclosure rate has dropped to 46th.  Stockton is 18th in the nation.  
 
Florida has the nation's highest rate.
 
For county-by-county statistics in California click here.
 
For county-by-county statistics in Nevada click here.
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