Las Vegas' 1st quarter foreclosure rate 8th in nation

Las Vegas' 1st quarter foreclosure rate 8th in nation

CREATED Apr. 27, 2012

LAS VEGAS (AP) -- Foreclosure activity in greater Las Vegas has dropped 26 percent quarter-over-quarter, putting the area's foreclosure rate at 8th in the nation.

Data released Thursday by RealtyTrac shows one in every 82 Las Vegas-area housing units saw a foreclosure filing during the first three months of 2012. That's down about 61 percent compared with the same period in 2011.

Foreclosures in Nevada have been declining since a state law took effect in October, requiring lenders to file more paperwork to foreclose. In March, the state ended a 62-month streak as the foreclosure capital of the country.

The report shows Las Vegas' foreclosure rate trails seven California metro areas. The central valley cities of Stockton and Modesto top the list.
 

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