The number of foreclosure filings has dropped slightly compared to two years ago. Washoe County recorded 7,981 foreclosure-related filings in 2011.
Jason Hidalgo of the RGJ attributes much of the decrease to AB 284 which requires the foreclosure documents to be certified under penalty of perjury. The bill caused the banks to change their foreclosure procedures and ultimately will allow delinquent borrowers to remain in their homes a bit longer.
We can probably expect more delays and longer processing times. We can also expect more short sales. I expect that it will also prolong our crisis.
See The Reno Real Estate Guide for more foreclosure information.