The United States real estate market recently observed a considerable drop in foreclosure rates. RealtyTrac cites the drop as the lowest amount of foreclosure filings since 2007.

According to RealtyTrac, there were only 117,485 homeowners in March who foreclosed on their homes, a 4 percent improvement compared to last February. The recent foreclosure filings dropped by 23 percent compared to last year.

RealtyTrac vice president, Daren Blomquist said that banks are currently evaluating how they will sell the hundred thousands of idle properties. The U.S. housing market is continuing to recover due to fewer mortgage delinquencies and an improving economy.

The attorneys at Hong Law, PLC, understand that many Cedar Rapids homeowners experience financial stress. If you are being threatened by possible foreclosure, the advice of an experienced attorney could be useful to you. Call our offices today at (319) 294-5853.