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.