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In business real estate retail state's New short-sale rules send foreclosure rate through the roof Former Hostess bakery to open under new ownership By Eli Segall staff writer Nevada's foreclosure rate almost doubled in September from a year ago as banks, facing new rules that could make it harder to seize distressed homes, cranked up pressure on delinquent borrowers. One in every 249 housing units statewide received a foreclosure-related filing in September, up 44 percent from August and up 97 percent from September 2012, according to a new report from Irvine, Calif., research firm RealtyTrac. Nevada's foreclosure rate in September was highest in the country for the second consecutive month. Nationally, one in every 998 homes received a foreclosure filing in September. The report counts notices of default, scheduled auctions and bank repossessions. Nevada was hit hard with default notices, which start the foreclosure process. A total of 2,763 notices were filed statewide in September, nearly double the amount filed in August, according to RealtyTrac. By Eli Segall staff writer A former Hostess Brands bakery in Henderson that closed after the Twinkies maker went bankrupt will soon be up and running under new owners. Flowers Foods said last month it will begin production this year at the plant at 501 Conestoga Way. It did not provide an exact start date. The company, based in Thomasville, Ga., bought the 23-acre facility this summer for about $9.6 million, property records show. Flowers plans to make Nature's Own bread there for customers in Southern Nevada and California. The bakery will initially employ 60 people, far fewer than the roughly 170 who reportedly worked there for Hostess. However, there could be more. Tom Wilson, president of subsidiary Flowers Baking Co. of Henderson, said the plant could have more employees "over time as consumer demand drives the need for additional production." A famed producer of sugary snack cakes, Hostess filed for Chapter 11 bankruptcy protection in January 2012. After turnaround efforts failed, the company announced in November that it would liquidate assets. It closed the Henderson bakery that month. According to the Associated Press, about 15,000 unionized workers lost their jobs amid the company-wide sell-off. Flowers Foods, which operates 45 bakeries, was one of a number of companies that bought a chunk of Hostess. The burst of activity came before Nevada's "Homeowner's Bill of Rights" took effect Oct. 1. The law, Senate Bill 321, might stretch out the foreclosure process and make it easier to avoid foreclosure through renegotiating a loan or completing a short sale, in which a bank agrees to sell a house for less than what's owed on the mortgage. The law requires lenders to have a single point of contact for struggling borrowers, who complain that banks are bogged down by bureaucracy and give conflicting information. It also bars bankers from trying to seize a person's home while also pursuing a short sale at the same time, and it forces lenders to provide homeowners with foreclosure prevention options and other information before seizing a house. On Sept. 30, the day before the law took effect, 934 notices of default were filed in Clark County, the largest one-day total ever for the region, according to LV Default, a Las Vegas research firm. ARVILLE INDUSTRIAL PARK 2,280 TO 9,120 SQ. FT. OF INDUSTRIAL WAREHOUSE SPACE. 4520-4560 SOUTH ARVILLE ST. SOUTH OF WEST FLAMINGO ROAD IMMEDIATE OCCUPANCY Rates from 25¢ psf NNN BUSINESS ELITE - FLEET DEPARTMENT •Wespecializeincommercial,utility,andfleetvehiclesforallindustries •Largestinventoryofcommercial,utility,andfleetvehiclesinNevada •SPECIAL BUSINESS FINANCING AVAILABLE NO HASSLE BUYING PROGRAM Call for an appointment No high-pressure salespeople Work directly with fleet manager Commercial pricing including incentives N S. Jones S. Rainbow • • • • Warm Springs Jacob Cannon Fleet Manager 702-982-4089 Ken Doyle Fleet Sales Manager 702-982-4089 | 4 NOVEMBER 2013 20131104_VI13_F.indd 13 | 215 & South Rainbow 702-982-4000 FindlayChevy.com Exclusive Leasing & Management By COMMERCIAL SPECIALISTS | 702.364.0909 13 10/31/13 2:15:20 PM