HAWAII FORECLOSURE ACTIVITY DOWN 16 PERCENT IN MARCH

State Foreclosure Filings Up 85 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Hawaii reported 120 properties with foreclosure filings in March, a 16 percent decline in activity from the previous month, but still 85 percent above the level reported for March 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 million properties from nearly 2,500 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.

 

“As this latest monthly decline proves, foreclosure activity in Hawaii continues to remain fairly stable even though activity is still well ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state is far below the national average and home prices continue to move in a positive direction albeit at a slower rate than previously experienced. Both are positive signs that foreclosures will continue to fluctuate within a narrow range for the foreseeable future.

 

Hawaii’s foreclosure total was the 45th highest among the 50 states. One in every 4,167 Hawaiian households received a foreclosure filing during the month, ranking it in the nation’s bottom five state foreclosure rates for the month.

 

Maui, Honolulu counties responsible for bulk of state’s foreclosure activity

Total foreclosure filings in Maui and Honolulu counties combined accounted for 74 percent of all foreclosure activity in the state for March. Maui County led the way, reporting 46 properties with foreclosure filings for the month. Maui County was second, documenting 43 properties with foreclosure filings. Kauai County came in third highest, reporting 16 properties with foreclosure filings, followed by fourth place Hawaii County, where 15 properties with foreclosure filings were reported.

 

Maui County tops in foreclosure rate for March

Maui County tallied the highest county foreclosure rate in Hawaii for March, with one in every 1,383 households receiving a foreclosure filing during the month — three times the state average. Kauai County posted the state’s second highest rate, with one in every 1,770 households receiving a foreclosure filing — 2.4 times the state average. The third highest rate in the state was reported in Hawaii County, where one in every 5,013 households received a foreclosure filing, followed by Honolulu County, where one in every 7,738 households received a foreclosure filing during the month.

 

State makes minor contribution to nation’s total in March

Total foreclosure filings in Hawaii accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Hawaii

26

0

88

0

6

120

4,167

0.13

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

1

0

12

0

2

15

5,013

0.11

0.83

Honolulu

12

0

30

0

1

43

7,738

0.07

0.54

Kalawao

0

0

0

0

0

0

n/a

0.00

0.00

Kauai

1

0

15

0

0

16

1,770

0.30

2.35

Maui

12

0

31

0

3

46

1,383

0.39

3.01

 

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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