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Nevada remains 5th in nation for foreclosure rate

LAS VEGAS -- Nevada's foreclosure rate remains fifth in the nation after big drops in activity compared with last year.

RealtyTrac reports Thursday that Nevada's September foreclosure rate is down 19 percent from August and down more than 75 percent from the same time last year.

The drop reflects the national foreclosure picture for the month of September. RealtyTrac reports the lowest total number of foreclosure filings nationally since July 2007.

One in every 496 properties in Nevada saw some sort of foreclosure filing last month. That rate fell behind Florida, California, Illinois and Arizona.

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 last October and dramatically slowed Nevada foreclosure activity.