I would get the bounding rect of the text and then call CGContextClearRect
and then fill with the background color if you think that "erasing" the text is really necessary. If you simply "redraw" your rect, that might be another way to solve this problem.
Here's how to get that bounding box for clearing:
CGSize textSize = [textString sizeWithAttributes:textAttributes];
CGRect textFrame = CGRectMake(daPoint.x, daPoint.y, textSize.width, textSize.height);
Hope this helps!