HAWAII FORECLOSURE ACTIVITY DOWN 1 PERCENT IN NOVEMBER

Foreclosure Filings Statewide Increase 248 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – Foreclosure filings were reported on 393 Hawaii properties in November, a decrease of 1 percent from the previous month, but still 248 percent above the level reported for November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in Hawaii decreased slightly between October and November, though it remains elevated compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity, however, could increase in Hawaii because of the weakening economy and rising unemployment. Hawaii’s jobless rate is at a 9 year high. Unemployment in the tourism and retail industries caused the state’s jobless rate to jump in November to 32,650, compared to 18,850 in November of 2007.”

 

Hawaii ranked 38th in the country in total properties with foreclosure filings for November. One in every 1,272 Hawaii housing units received a foreclosure filing during the month, ranking 28th among the 50 states.

 

Honolulu County accounts for more than half of state’s foreclosure activity

Honolulu County led the state reporting 214 properties with foreclosure filings for the month. Hawaii County came in second highest, reporting 86 properties with foreclosure filings. Maui County ranked third highest, reporting 74 properties with foreclosure filings. Kauai County came in fourth place, documenting 19 properties with foreclosure filings.

 

Maui County post state’s top foreclosure rate for November

Maui County posted the highest foreclosure rate in Hawaii for November, with one in every 860 housing units receiving a foreclosure filing during the month — 1.5 times the state average. Hawaii County documented the second the highest foreclosure rate, where one in every 874 housing units received a foreclosure filing — 1.5 times the state average. Kauai County registered the third highest foreclosure rate, where one in every 1,491 housing units received a foreclosure filing during the month.

 

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

Hawaii accounted for less than 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 Foreclosure Market Data by County – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Hawaii

76

0

293

0

24

393

1,272

0.38

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

17

0

60

0

9

86

874

0.56

1.46

Honolulu

40

0

164

0

10

214

1,555

0.31

0.82

Kalawao

0

0

0

0

0

0

 n/a

0.00

0.00

Kauai

5

0

13

0

1

19

1,491

0.33

0.85

Maui

14

0

56

0

4

74

860

0.57

1.48

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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