Hawaii Foreclosure Activity Declines in November

Statewide filings down 6 percent from October; up 122 percent from last year

 

Hawaii foreclosure activity fell in November to 872 properties with foreclosure filings, down 6 percent from the previous month, but still 122 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Hawaii’s foreclosure market slowed down a bit in November, although the state reported more than double the level of activity seen at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has remained relatively steady and well below the national average, helping to ease the activity level somewhat, but far from eliminating the foreclosure problem for many homeowners.”

 

Hawaii ranked 35th highest foreclosure total in the nation for November. One in every 581 Hawaiian housing units received a foreclosure filing in November, the 15th highest state foreclosure rate in the nation.

 

Maui County posts state’s highest foreclosure rate in November

With one in every 330 housing units receiving a foreclosure filing — 1.3 times the national average and 1.8 times the state average — Maui County posted the highest county foreclosure rate in the state for November. Hawaii County had the second highest rate, with one in every 341 housing units receiving a foreclosure filing — 1.2 times the national average and 1.7 times the state average. In Kauai County one in every 379 housing units received a foreclosure filing — 1.1 times the national average and 1.5 times the state average — the third highest county total in the state.

 

Honolulu County led state in total foreclosure filings for November

Honolulu County led all counties, totaling 370 properties with foreclosure filings for the month. Hawaii County was second highest, documenting 228 properties with foreclosure filings. Reporting 197 properties with foreclosure filings for the month, Maui County had the third highest total in the state, while Kauai County was fourth highest, reporting 77 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s foreclosure total in November

Hawaii accounted for less than 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Hawaii Top Foreclosure Rates By County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Hawaii

96

0

580

0

196

872

581

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Maui

17

0

119

0

61

197

330

1.27

1.76

Hawaii

30

0

130

0

68

228

341

1.22

1.71

Kauai

11

0

47

0

19

77

379

1.10

1.53

Honolulu

38

0

284

0

48

370

905

0.46

0.64

 

 

Hawaii Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Hawaii

96

0

580

0

196

872

581

-5.73

121.88

 

 

 

 

 

 

 

 

 

 

Honolulu

38

0

284

0

48

370

905

-4.64

72.90

Hawaii

30

0

130

0

68

228

341

-0.87

165.12

Maui

17

0

119

0

61

197

330

-9.63

166.22

Kauai

11

0

47

0

19

77

379

-13.48

305.26

 

 

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