Nevada foreclosure rate drops to No. 2 in nation

LAS VEGAS (AP) — Nevada's 62-month streak as the foreclosure capital of the nation has come to an end.

Data released Thursday by RealtyTrac shows Nevada dropped to the No. 2 spot in the country after its foreclosure activity fell about 8 percent between February and March, and dropped nearly 70 percent year-over-year.

One in every 301 housing units in Nevada had a foreclosure filing during the month of March.

Arizona now claims the country's highest foreclosure rate, while California comes in third place.

Foreclosures in Nevada have been declining since a state law took effect in October, requiring lenders to file more paperwork to foreclose.