According to a new report by real estate company RealtyTrac, this year’s overall foreclosure rate is the lowest since the third quarter of 2006, a March 23 article on Realty Biz News stated.

Records from February revealed that foreclosure activity was reduced by nine percent compared to the same month in 2014. Foreclosure levels this year are expected to continue to decrease; however, some states where the foreclosure process is slow may still experience increases. Repossessed properties in February were reduced by 20 percent compared to last year. Foreclosure auctions and foreclosure starts default notices were also reduced compared to the records last year.

Though foreclosure activity levels continue to improve every year, the Cedar Rapids legal team of Hong Law, PLC, knows that many homeowners are still threatened by foreclosure. If this is happening to you, we may be able to offer you viable options to save your home. Discuss your situation with us today by calling our offices at (319) 294-5853.