Nevada Number 1 in Foreclosures for 59 Months

By: Associated Press
By: Associated Press

LAS VEGAS (AP) - Nevada has posted the nation's highest state foreclosure rate for the 59th straight month in November even while analysts say a new state law passed in October is keeping activity artificially low.

For the second month in a row, the slowdown kept Las Vegas out of its former spot as foreclosure rate capital in the U.S. The city stands at No. 6.

Data released Thursday by RealtyTrac Inc. shows 6,512 Nevada housing units saw a foreclosure filing in November, or one in 175.

That's more than three times the national average.

Nevada's November foreclosure activity is 43 percent down from the same time a year ago. Analysts attribute that to a new law requiring foreclosing lenders to sign an affidavit with key information about the foreclosure.

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