Nevada foreclosure rate drops to No. 2 in nation

Nevada foreclosure rate drops to No. 2 in nation; starts up year-over-year, repos down

LAS VEGAS (AP) -- The number of Nevada homes entering foreclosure is up 81 percent over last year, although the number that ultimately go up for auction is down.

RealtyTrac statistics released this week show Nevada's foreclosure rate is down to No. 2 in the nation in May, after ranking No. 1 in April.

The firm says one in every 305 homes saw some sort of foreclosure filing in May. That's up 2 percent year-over-year, and 18 percent from April.

Data show the number of foreclosure starts reached a 20-month high in May. State law changes approved earlier this month also aim to make it easier for banks to foreclose.

But an improving housing market and high demand suggests fewer homes will reach the final step of foreclosure. Bank repossessions dropped 64 percent year-over-year.