Wednesday, Nov. 16, 2011 | 4:01 p.m.
First the good news: After 22 months, Las Vegas is no longer the nation’s leader in foreclosures. That unenviable title now belongs to Stockton, California, with 1 in 143 homes foreclosed on (Las Vegas, now in the fifth spot, is 1 in 162). Now the bad news: Turns out the only reason we slowed down is because of a delay in foreclosure processing. A new Nevada law that took effect in October requires lenders to have signed and notarized affidavits explaining why they had a legal right to take a property. Yeah, red tape slows down any process, and experts fully expect Las Vegas to rise to the top again once lenders get used to the new process. One step forward, two steps back.
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