LAS VEGAS -- Nevada experienced the nation's second highest residential foreclosure rate in October despite a sharp decline in such activity from the prior month, RealtyTrac reported Wednesday night.
The real estate analytics company from Irvine, Calif., reported that one of every 407 housing units in Nevada had a foreclosure filing in October, second only to the one per 332 rate in Florida. Nevada's rate remained more than double the national average, which involved one filing per 978 housing units.
Still, Nevada's foreclosure rate fell 38.9 percent from September, when foreclosure filings statewide hit a 21-month high. Included in Nevada's foreclosure filings in October were 1,690 default notices, 435 notices of pending trustee sales and 666 repossessions by banks.
RealtyTrac stated that the decline in foreclosure filings in Nevada last month coincided with the implementation of a new state law known as the Nevada Homeowner Bill of Rights. That law makes it tougher for lenders to initiate foreclosure proceedings against homeowners.