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.