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Nevada Foreclosure Rate Lowest in Years

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(photo: ROBYN BECK/AFP/Getty Images)

(photo: ROBYN BECK/AFP/Getty Images)

LAS VEGAS (AP) — Nevada is no longer the nation’s foreclosure capital.

Data released Thursday by RealtyTrac shows Nevada’s foreclosure rate dropped to third highest in May, behind Georgia and Arizona.

Nevada had a 62-month streak as the top state for foreclosures until Arizona knocked it from the top spot in March. Nevada reclaimed the title in April.

But RealtyTrac says Nevada has seen a 66% drop in foreclosure activity compared with last year.

Foreclosures dropped after a state law took effect in October, requiring lenders to file more paperwork to foreclose.

In all, one in every 313 Nevada homes had a foreclosure filing in May.

Nationally, roughly 206,000 properties had a foreclosure filing last month. California and Illinois rounded out the top five states for foreclosure filings in May.

Copyright 2012 The Associated Press.

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