Nevada foreclosure rate climbs to No. 2 in nation

Associated Press

LAS VEGAS (AP) — Nevada's foreclosure rate has climbed to second in the nation even after activity dropped significantly year-over-year.

RealtyTrac reports Thursday that Nevada's October foreclosure rate is down 47 percent year-over-year, but up 41 percent compared with September. The state jumped from its No. 5 ranking in September.

One in every 352 properties in Nevada saw some sort of foreclosure filing last month. That rate was behind only Florida.

Nevada's numbers are a magnified version of the national foreclosure picture for the month of October. RealtyTrac reports foreclosure filings nationwide were up 3 percent from September, but down 19 percent year-over-year.

The state's rate foreclosure rating has been down for the past year after a state law took effect last October requiring more paperwork for lenders to launch a foreclosure.