May foreclosure filings down, but Nevada still ranks No. 1

By Buck Wargo

Wednesday, June 9, 2010 | 9 p.m.

Foreclosure filings fell by double-digit margins in Nevada in May, but the state still kept its No. 1 national ranking.

The 14,346 filings in May were nearly 12 percent lower than April and 16 percent below their level of a year ago, according to California-based RealtyTrac.

Nevada had one filing for every 79 households, more than five times the national average.

Las Vegas foreclosure filings fell by 18 percent over May 2009 in retaining its No. 1 ranking, the firm reported.

Nationwide, foreclosure filings fell 3 percent in May compared to April and 1 percent from May 2009, RealtyTrac reported.

Foreclosure activity is leveling off while lenders work through a backlog of distressed properties built up over the last 20 months, said James Saccacio, chief executive officer of RealtyTrac.

Arizona was ranked second, followed by Florida, California and Michigan.

While foreclosures are declining, CoreLogic reported the 90-day delinquency rate of mortgages in Las Vegas rose to 22.3 percent in May, up from 15.7 percent in May 2009.