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Good news: Foreclosure rates down for Iowa City

A recent article on thegazette.com basted some good news for the people of Iowa City. According to the article, foreclosure rates on homes in Iowa City have declined.



According to data, the foreclosure rate in Iowa City and Cedar Rapids as well was down to 2% even in February.

This is a 0.17% decrease from this time last year. In February 2012, the percent of homes in Iowa City and Cedar Rapids was 2.17%.

This is not only good news for Iowa as a state, but the state itself looks better than the rest of the nation. In Fabruary, this number was 0.85% below the national average of 2.85% foreclosures.

The foreclosure rates are calculated by the amount of bank loans on homes in any stage of the foreclosure process.

In addition to this, there was more good news for Cedar Rapids and their numbers. The amount of home loans that were delinquent also decreased from last year. It went down from 3.61% to 3.46%. These numbers are the amount of homes that were unpaid for 90 days or more.

How does Iowa City rate on its own?

Iowa City's foreclosure numbers alone were down 0.21% from last year. They were at 1.27% last year and reported 1.06% this year.

The mortgage delinquency numbers for Iowa City were down somewhat as well. Last year, 2.19% was reported, and this year only 1.89% was reported.


These statistical improvements are a good sign for Iowa City's economy. They are reported annually for the previous year in February.

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