Data released Thursday by RealtyTrac shows Nevada's foreclosure rate dropped to third highest in May, behind Georgia and Arizona.
Nevada had a 62-month streak as the top state for foreclosures until Arizona knocked it from the top spot in March. Nevada reclaimed the title in April.
But RealtyTrac says Nevada has seen a 66 percent drop in foreclosure activity compared with last year.
Foreclosures dropped after a state law took effect in October, requiring lenders to file more paperwork to foreclose.
In all, one in every 313 Nevada homes had a foreclosure filing in May.
Nationally, roughly 206,000 properties had a foreclosure filing last month. California and Illinois rounded out the top five states for foreclosure filings in May.
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