Real estate information firm RealtyTrac recently observed that the number of foreclosed homes in Iowa owned by banks increased by a huge percentage in April, KCRG reported on May 23.
Data showed that the homes repossessed by banks this April increased by 237 percent compared to the same month last year. According to Daren Blomquist, the vice president of RealtyTrac, most of the bank-owned properties that were not sold in auctions were undesirable due to poor maintenance. One contributor to the large number of foreclosures was significant flooding in Cedar Rapids in 2008 that left many owners with damaged properties they couldn’t afford to maintain. In April, there were 347 properties in Cedar Rapids alone that were either defaulted on, auctioned off, or in the bank’s possession.
When you are facing foreclosure procedures in Cedar Rapids, make sure to contact the lawyers of Hong Law, PLC. Discuss your situation and possible solutions to prevent foreclosure by calling (319) 294-5853 today.
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