HAWAII FORECLOSURE ACTIVITY DOWN 17 PERCENT IN JUNE

Activity Up 19 Percent From a Year Ago

 

IRVINE, Calif. – July 28, 2008 – Hawaii reported 134 properties with foreclosure filings in June, a 17 percent decline from the previous month but still 19 percent above the level reported for June 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.

 

“Although Hawaii foreclosures decreased in June, they are up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is well below the national average. However, the state’s home values have decreased slightly more than the national average during the past year. Together these two factors are contributing to this trend we are seeing in foreclosure activity.”

 

Hawaii ranked 44th in the country in total foreclosures for the month. With one in every 3,732 households receiving a foreclosure filing, its foreclosure rate ranked 45th among the 50 states.

 

Top four counties responsible for entire bulk of state’s foreclosure activity

Four Hawaii counties accounted for 100 percent of all foreclosure activity in the state for June. Honolulu County tallied the highest total, reporting 75 properties with foreclosure filings for the month.  Maui County came in second, documenting 27 properties with foreclosure filings. Hawaii County had the third highest total, reporting 17 properties with foreclosure filings, followed by Kauai County, where 15 properties with foreclosure filings were reported.

 

Kauai County posts top foreclosure rate for June

Kauai County tallied the highest county foreclosure rate in the state in June, with one in every 1,888 households receiving a foreclosure filing for the month — twice the state average. Maui County posted the state’s second highest rate, with one in every 2,356 households receiving a foreclosure filing during the month — 1.6 times the state average. The third highest rate in the state was reported in Hawaii County, where one in every 4,423 households received a foreclosure filing in June.

 

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

Hawaii accounted for less than 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents more than a 3 percent decrease from the previous month and is 53 percent ahead of the total reported for June 2007. The nation’s foreclosure rate decreased to one in every 501 U.S. households receiving 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Hawaii

12

0

103

0

19

134

3,732

0.13

n/a

 

 

 

 

 

 

 

 

 

Hawaii

0

0

11

0

6

17

4,423

0.11

0.84

Honolulu

6

0

60

0

9

75

4,436

0.11

0.84

Kalawao

0

0

0

0

0

0

 n/a

0.00

0.00

Kauai

1

0

10

0

4

15

1,888

0.27

1.98

Maui

5

0

22

0

0

27

2,356

0.21

1.58

 

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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