With the start of the 77th Regular Session of the Nevada Legislature on February 4, 2013, one of the topics potentially up for discussion is Assembly Bill 284 (AB 284). While not necessarily the most pressing issue facing the state legislature this session, the topic has gained increasing awareness and has played a role in the Silver State’s housing market and economy. The legislation that passed last session increased the regulatory requirements within the foreclosure process commencing on October 1, 2011. This bill was intended to protect homeowners from faulty foreclosures in response to concerns over robo-signing, something that was both necessary and appropriate.

It is possible that AB 284 had unintended consequences. Since the implementation of AB 284, there has been a sharp reduction in the number of foreclosures, fewer homes have become available for potential buyers, and defaulting borrowers believe they can occupy homes for months and even years without paying their mortgage.

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