Default notices up but overall Las Vegas foreclosures filings down

Lenders issued more default notices last month but overall kept pulling back on foreclosure filings in Las Vegas.

One in every 1,394 homes in the Las Vegas area was hit with a foreclosure-related filing in January, down 35.9 percent from January 2017, according to housing tracker Attom Data Solutions.

Lenders repossessed 140 homes last month, down 65 percent year-over-year, and scheduled 81 foreclosure auctions, down 64 percent.

But they also issued 394 notices of default, up 22 percent, Attom reported.

Overall, Las Vegas’ foreclosure rate was 41st among the metro areas listed in the report.

Repos have been sliding locally for several years, but the overall drop accelerated after a new foreclosure-related law took effect last June.

Senate Bill 490 shifted oversight of the state’s Foreclosure Mediation Program to Home Means Nevada, a state-launched nonprofit that had effectively shut down early last year.

Lenders slammed the brakes on repo activity while waiting for the program’s new administration to take shape.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.