The Iowa foreclosure rate is now up over 120% from where it was during the first quarter of 2007, sparking increasing concern among cash-strapped citizens that 2008 will only make it harder for Iowa residents to keep up with mortgage payments and avoid foreclosure. Foreclosures in Iowa have experienced a steady climb over the past year, and the first quarter statistics were up 25% from the final quarter of last year.

Interestingly, none of Iowa’s metropolitan areas were ranked among the top 100 cities with the worst rates of foreclosure nationwide, although it’s statewide rate of 1 in every 840 homes is quite high. This shows that many foreclosures in Iowa are happening in rural areas. A significant portion of Iowa is farmland, and so there may be good opportunities for those looking to buy tracts of land through the foreclosure market. Foreclosures on land offer great chances for discounted purchases that can then be used for developing real estate or farmland.

Iowa foreclosures are expected to continue to grow in 2008, with more bound to occur in areas where homes were built recently during the real estate boom and sold for peak, arguably inflated, prices.

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• Iowa Foreclosures
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