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.

A recent study examining multiple cities revealed that mortgage delinquency rates and foreclosures in Iowa are steadily declining.

Cedar Rapids’ recorded foreclosure activity in January 2014 was 1.97% compared to January 2013 when the foreclosure activity was recorded at 2.90%. Iowa City foreclosures also decreased in 2014 compared to 2013, specifically, by 0.74%.

Financial trouble can be stressful especially when it concerns real estate. The attorneys at Hong Law, PLC, assist Cedar Rapids homeowners that face foreclosure. Call our offices today at (319) 294-5853 to speak with a knowledgeable member of our legal team.

Rapper DMX’s $1 million property in Mount Kisco, NY is facing foreclosure.

DMX, 43, is claiming that his estranged wife, Tashera Simmons, is responsible for the house being foreclosed on. DMX alleges that she was responsible for paying the mortgage for the Mount Kisco property.

Though DMX moved out of the property in 2005, he continued paying on the mortgage through 2008. This foreclosure is not DMX’s first time getting publicity for financial troubles. Last year he filed for bankruptcy but was rejected.

Losing property to foreclosure can be devastating. Homeowners need to know their legal options when experiencing financial troubles. If you are facing foreclosure or bankruptcy issues in Cedar Rapids, the attorneys at Hong Law, PLC, could offer you valuable advice. Call (319) 294-5853 to learn more about your legal options.

In 2013 lenders took back the least amount of homes since 2007, marking a significant improvement for Unites States homeowners.

Last year only 462,970 homes nationwide were repossessed by banks, a 31 percent decrease compared to 2012. Improved economic factors were cited for the improvement of the U.S. housing market.

United States foreclosure rates reached an all-time high 2010. RealtyTrac vice president, Daren Blomquist said that fewer homes entering into foreclosure procedures reinforces the idea that the housing market is improving.

Despite increasingly good news for the real estate market, the legal team at Hong Law, PLC, understands that many Cedar Rapids homeowners still face foreclosure. If you are in need of legal counsel regarding your property call (319) 294-5853.

From 2012 to 2013, foreclosure activity decreased nationwide.

According to RealtyTrac, a 37 percent decrease in foreclosure activity was observed in November of 2013 compared to the previous year. Additionally, foreclosure activity in November had hit the lowest point since 2005.

RealtyTrac vice president, Daren Blomquist expressed optimism in this current real estate trend, saying that the foreclosure crisis appears to be coming to an end.

Even with the improvement of the foreclosure crisis, many homeowners are not immune to financial difficulties and impending foreclosure. The attorneys at Hong Law, PLC, work to defend Iowa homeowners against foreclosure. Speak with a lawyer today by calling (319) 632-1400.