As the year 2014 ends, foreclosure rates in the United States hit the lowest they have been since the housing crisis plagued the country, according to data reported by the Associated Press on January 20.

According to reports, a decrease of 29 percent was seen in repossessed homes last year, or a total of 327,069 houses were repossessed by banks. Completed foreclosures nationwide, on the other hand, were reduced by 69 percent after they reached a peak in 2010. Last year, the number of homes in various foreclosure procedures and those still held by banks were also reduced. In the nine states where an increase in foreclosure rate was observed, Iowa experienced the lowest increase in foreclosure rate. An improved economy greatly contributed to the drop in last year’s foreclosure rates.

Though the U.S. continues to recover from foreclosure crisis since the housing bust, the legal team of Hong Law, PLC, understands that in Cedar Rapids alone, many homeowners are in different stages of the foreclosure procedure. If you are in this situation, we may possibly offer you legal solutions to defend your home. Call us today at (319) 294-5853 to learn more about your options.

From 2012 to 2013, foreclosure activity decreased nationwide.

According to RealtyTrac, a 37 percent decrease in foreclosure activity was observed in November of 2013 compared to the previous year. Additionally, foreclosure activity in November had hit the lowest point since 2005.

RealtyTrac vice president, Daren Blomquist expressed optimism in this current real estate trend, saying that the foreclosure crisis appears to be coming to an end.

Even with the improvement of the foreclosure crisis, many homeowners are not immune to financial difficulties and impending foreclosure. The attorneys at Hong Law, PLC, work to defend Iowa homeowners against foreclosure. Speak with a lawyer today by calling (319) 632-1400.