The State of Foreclosures in Iowa 2014

Iowa is one of the States in America that has the lowest rates of foreclosure and ranks in the top 5. The State has been in the top 5 for a second year in row making it one of the consistent States in America. According to statistics, Iowa had only experience on case of foreclosure in 80 houses. This remarkable statistic shows how the state performed in the year 2013 making it one of the best performing in US. The highest performance was recorded in the major cities in Iowa like Iowa City, Ames, davenport, Sioux City, waterloo and Des Moines with all of them recording percentages less than 6 percent.

This has made the rate of foreclosure less than the national rate giving it an opportunity for the residents to worry less about their residential as well as commercial properties. Moreover, the residents has also closed their court files while other reducing by 10 percent thus making the rate of foreclosure to lower in the major counties in Iowa. According to the Statistics, Black Hawk County, Dallas County, Johnson County, Woodbury County and Benton County recorded the lowest rate of foreclosure and this had a huge impact on the general rate of the entire State.

These counties Black Hawk County, Dallas County, Johnson County, Woodbury County and Benton County has reduced the rate of foreclosure by 4.5 percent, 4.0 percent, 5.0 percent, 3.8 percent and 5.5 percent respectively. This had an impact in the general rate in the entire State at the end of the year 2013.

It is also important to note that the rate of bank repossessions had reduced by 20 percent in last year that was the highest ever recorded in the State in its history. Less than 500 properties were also under notification of foreclosure making the lowest number in the history of America for the first time. With over 20,000 properties both residential as well as commercial, this was an amazing performance. The statistics also recorded that scheduled auctions as well as bank repossessions also reduced within the state making the number of foreclosure activities received to reduce within the Iowa state.

The statistics suggested that when year ended 2013, Iowa had the lowest rate of foreclosure when compared to many other rates in American at 3.6 percent. This was the second lowest ever recorded rate after Texas in the year 2005 at the 3.2 percent. However, the Iowa government through the leadership of their governor, Terry Branstad have promised to make things even better at the end of the year 2014. This comes after the numerous legislation that the State had in the year 2010 that has helped it reduce the level for foreclosures that making the residents to worry less about using their properties as security for their loans.

The signs from the last 6 months has also indicated that the State might end up being a State with the lowest rate of foreclosure when compared to others in America. In the end, they are likely to 3.0 percent mark making it the first ever State to record such a low rate in the history of America.

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