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Fewer Foreclosures In February

LAS VEGAS (AP) — Nevada has posted the nation’s highest foreclosure rate for the 62nd month in a row, even though state foreclosure activity reached a 58-month low in February.

Data released Thursday by foreclosure tracking firm RealtyTrac shows one in every 278 Nevada housing units saw a foreclosure filing of some type in February. That’s more than twice the national average.

Las Vegas continues falling on the list of the nation’s foreclosure capitals. The metro area that was long king on the list now has the 12th highest foreclosure rate.

The number of foreclosure filings in the Las Vegas area dropped 30 percent since January, and 56 percent since February 2011.

Foreclosures in Nevada have been declining since a state law took effect in October, requiring lenders to file more paperwork to foreclose.

Copyright 2012 The Associated Press.

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