Hawaii Foreclosure Activity Declines in October

Hawaii Foreclosure Activity Declines in October

 

Statewide filings down 5 percent from September

 

Hawaii foreclosure filings declined 5 percent in October from the previous month to 925 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The latest monthly total is still 134 percent ahead of the state foreclosure level reported one year ago.

 

“Foreclosure activity in Hawaii headed downward in October, but is still well ahead of the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which fell 8 percent during the month. This is not surprising as the state’s unemployment remains well below the national average, and home sales have seen a resurgence this year. If these trends continue, we may see foreclosures continue to decrease in the coming months.”

 

Hawaii ranked 36th in the country in total foreclosures for the month. With one in every 548 housing units receiving a foreclosure filing, its foreclosure rate ranked 17th among the 50 states.

 

Maui County posts state’s top foreclosure rate in October

With one in every 298 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 October. Kauai County ranked second highest, reporting one in every 328 housing units receiving a foreclosure filing — 1.2 times the national average and 1.7 the state average. Hawaii County had the third highest rate, with one in every 338 housing units receiving a foreclosure filing — 1.1 times the national average and 1.6 times the state average. Fourth highest foreclosure rate was in Honolulu County, where one in every 863 housing units received a foreclosure filing during the month.

 

Honolulu County tops in total foreclosure activity for October

Honolulu County led all counties, totaling 388 properties with foreclosure filings for October. Hawaii County was second highest, documenting 230 properties with foreclosure filings. Reporting 218 properties with foreclosure filings for the month, Maui County was third highest in the state. Kauai County came in fourth, reporting 89 properties with foreclosure filings.

 

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

Hawaii accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Hawaii

149

0

557

0

219

925

548

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Maui

34

0

135

0

49

218

298

1.29

1.84

Kauai

10

0

66

0

13

89

328

1.17

1.67

Hawaii

36

0

133

0

61

230

338

1.14

1.62

Honolulu

69

0

223

0

96

388

863

0.45

0.63

 

 

Hawaii Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Hawaii

149

0

557

0

219

925

548

-4.54

134.18

 

 

 

 

 

 

 

 

 

 

Honolulu

0

108

0

143

125

388

863

1.57

96.95

Hawaii

0

54

0

117

22

230

338

-12.21

123.30

Maui

0

21

0

66

40

218

298

-14.51

207.04

Kauai

0

0

0

5

76

89

328

27.14

270.83

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