HAWAII FORECLOSURE ACTIVITY DOWN 3 PERCENT IN OCTOBER

Yearly Foreclosure Total Up 102 Percent From October 2006

 

IRVINE, Calif. – Nov. 26, 2007 – Hawaii reported 131 foreclosure filings in October, a 3 percent decrease from the previous month, but still a 102 percent increase from October 2006, 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.

 

“Even though Hawaii foreclosures have more than doubled from this time last year, the state still holds one of the lowest foreclosure rates nationwide,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate is currently 2 percent below the national average and that its home price appreciation rate has remained relatively steady. If these trends continue, it is likely that foreclosures here will remain scarce.”

 

Hawaii ranked among the 10 lowest states in total foreclosures for the month. The state’s foreclosure rate of one foreclosure filing for every 3,749 households ranked it again among the 10 lowest states.

 

Honolulu County leads state in foreclosure activity

Honolulu County led all counties in foreclosure activity in Hawaii for October, with 63 foreclosure filings. Maui County posted the second highest foreclosure total, with 45 foreclosure filings for the month, followed by Hawaii County with 13 foreclosure filings.

 

Maui County posts highest foreclosure rate

Maui County reported the highest foreclosure rate in the state for October, with one foreclosure filing for every 1,381 households — 2.7 times the state average. Kauai County posted the second highest foreclosure rate, with one foreclosure filing for every 2,745 households — 1.4 times the state average. Honolulu County posted the third highest foreclosure rate, with one foreclosure filing for every 5,227 households.

 

State makes minor contribution to national total

Total foreclosure filings in Hawaii accounted for less than 1 percent of the 224,451 foreclosure filings nationwide in October. The national total represents a 2 percent increase from the previous month and is still 94 percent above the total reported for October 2006. The nation’s foreclosure rate is one foreclosure filing for every 555 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

Hawaii Foreclosure Market by County – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

Hawaii

26

102

0

0

3

131

3,749

0.15

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

2

11

0

0

0

13

5,537

0.10

0.68

Honolulu

17

43

0

0

3

53

5,227

0.11

0.72

Kalawao

0

0

0

0

0

0

n/a

0.00

0.00

Kauai

2

8

0

0

0

10

2,745

0.20

1.37

Maui

5

40

0

0

0

45

1,381

0.40

2.71

 

 

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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