HAWAII FORECLOSURE ACTIVITY DOWN 34 PERCENT IN OCTOBER

Foreclosure Activity Increases 202 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Hawaii reported 395 properties with foreclosure filings in October, a 34 percent decrease from the previous month, but still 202 percent above the level reported for October 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.

 

Hawaii foreclosure filings tripled in October compared to last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home values and home sales have fallen below the national average during the past year. This is likely contributing to the recent rise.”

 

Hawaii ranked 38th in the country in total foreclosures reported for the month. With one in every 1,266 housing units receiving a foreclosure filing, its foreclosure rate ranked 30th among the 50 states.

 

Honolulu County dominates state’s foreclosure activity for October

Honolulu County posted the highest number of foreclosures throughout the state, reporting 197 properties with foreclosure filings for October. Hawaii County documented the state’s second highest foreclosure total, reporting 103 properties with foreclosure filings. Third highest was Maui County, reporting 71 properties with foreclosure filings, followed by Kauai County with 24 properties with foreclosure filings.

 

Hawaii County also posts top foreclosure rate for October

Hawaii County also tallied the highest county foreclosure rate in Hawaii for October, with one in every 730 housing units receiving a foreclosure filing for the month — 1.7 times the state average. Maui County posted the state’s second highest foreclosure rate, with one in every 896 housing units receiving a foreclosure filing during the month — 1.4 times the state average. The third highest rate in the state was reported in Kauai County, where one in every 1,180 housing units received a foreclosure filing in October.

 

State accounts for less than 1 percent of nation’s foreclosure total in October

Hawaii accounted for less than 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month but was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Hawaii

68

0

289

0

38

395

1,266

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

13

0

80

0

10

103

730

0.62

1.73

Honolulu

36

0

143

0

18

197

1,689

0.27

0.75

Kalawao

0

0

0

0

0

0

 n/a

0.00

0.00

Kauai

5

0

16

0

3

24

1,180

0.38

1.07

Maui

14

0

50

0

7

71

896

0.50

1.41

 

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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