According to RealtyTrac's most recent U.S. Foreclosure Market Report, Nevada continued to lead the country in distressed property rate in August, representing the 56th straight month atop the list.
In the state, one in every 118 properties was issued a foreclosure filing during the month. In all, 9,677 housing units began the foreclosure process in August, which is down 3 percent from July and 28 percent from August 2010.
The state's declining figure was driven by a 30 percent month-over-month drop in scheduled auctions of homes for sale, as well as a 6 percent monthly decrease in real estate-owned properties. Default notices increased, however, growing 31 percent from July, but the total was still 32 percent below the previous year's figures.
Additionally, Las Vegas continued to have the nation's highest foreclosure rate among metropolitan areas with a population of at least 200,000 people. The report showed that one in every 103 properties in Sin City received a foreclosure filing during the month, which is more than five times the national average.