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Nevada, Las Vegas Drop In National Foreclosure Ranking

LAS VEGAS (AP/KXNT) — Nevada’s foreclosure rate is sixth in the nation after big drops in activity compared with last year. Among metro areas, Las Vegas is ranked 29th in the nation–with fewer foreclosures than at anytime in the past five years.

RealtyTrac reports Thursday that Nevada’s July foreclosure rate is 26% down from June, and 72% down from the same time last year. 

One in every 415 properties in the state saw some sort of foreclosure filing last month. That rate fell behind California, Arizona, Florida, Georgia and Illinois.

The state’s rate has been declining as lenders adjust to a state law requiring more paperwork to launch a foreclosure.

That law took effect in October and dramatically slowed Nevada foreclosure activity.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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