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Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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Home  >  Foreclosure Defense  >  Many foreclosed houses repossessed by banks in April

Many foreclosed houses repossessed by banks in April

Recent real estate data revealed that there was an increase in repossessed homes and foreclosures nationwide, a May 21 report of Business Insider stated.

According to the data analysis released by RealtyTrac, there was a nine percent increase in nationwide foreclosure filings in April, or 125,875 homes, compared to the same month last year. RealtyTrac noted that last month’s foreclosure increase is still a lingering effect of the national foreclosure crisis. Vice President Daren Blomquist of RealtyTrac reassured that April’s foreclosure increase will not trigger a new wave of crisis. Foreclosure rates are still reportedly high in states like Florida, Maryland, Nevada and New Jersey. However, nationwide, foreclosure starts have remained below pre-crisis levels, according to Blomquist.

In Cedar Rapids alone, the lawyers of Hong Law, PLC, know that many homeowners are being threatened with foreclosure. If you think this is happening to you, we may possibly help you protect your family’s home from being taken away from you. Call us today at (319) 294-5853 to learn more about your legal options.