(Las Vegas, NV) — After 62 straight months, Nevada is no longer the top state for foreclosure rates. RealtyTrac reports Arizona had the highest rate in March, with the Silver State in second place and California third. During the first three months of 2012, Nevada’s foreclosure rate topped the nation, with one out of every 95 homes receiving a filing. That’s still down 62% from a year ago.
Experts say foreclosure rates were artificially low due to a recently enacted law increasing requirements for lenders to file default notices. The filing of those notices was up 153% from February to March as lenders ramp back up the foreclosure process.
California, Georgia and Florida round out the top five states for foreclosures.