Homeowners in the U.S. who have entered the foreclosure process or had their homes repossessed by banks decreased last month, according to RealtyTrac, a foreclosure listing firm.

The company stated on July 11 that the number of homeowners who have entered foreclosure this year is only estimated to be 800,000, compared to 1.1 million from last year. Additionally, this past June, the foreclosure process was initiated by lenders on 57,286 homeowners, which according to the foreclosure listing firm, was the lowest in the last 7.5 years. Steady jobs, low interest rates, improved consumer confidence, and increased housing demand are all believed to have contributed to the recovery of housing in the U.S.

Strict standards for home loan lending also play a part in reducing the foreclosure pace.

Despite this decrease in foreclosures and repossessions, our lawyers at Hong Law, PLC, understand that some homeowners in Cedar Rapids are still struggling to save their homes. If you’re in this situation, call (319) 632-1400 to learn more about how we can help you.