HAWAII FORECLOSURE ACTIVITY DOWN 6 PERCENT IN APRIL

Foreclosure Activity Up 217 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 684 Hawaii properties in April, a 6 percent decrease from the previous month, but still 217 percent above the level reported for April 2008, 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 slightly in April, they have more than tripled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment here remains relatively low, the state had one of the biggest declines in home sales last year. This has definitely contributed to the overall rise.”

 

Hawaii ranked 37th in the country in total foreclosures reported for the month. With one in every 741 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Four counties account for entire bulk of state foreclosure activity in April

Honolulu County led the way, reporting 290 properties with foreclosure filings for the month. Hawaii County reported 184 properties with foreclosure filings, the state’s second highest county total. Maui County came in third highest, reporting 158 properties with foreclosure filings. Kauai County came in fourth, documenting 52 properties with foreclosure filings.

 

Maui County posts state’s highest foreclosure rate for April

Maui County topped the list, with one in every 411 housing units receiving a foreclosure filing — 1.8 times the state average. Hawaii County had the second highest foreclosure rate, with one in every 422 housing units receiving a foreclosure filing — 1.8 times the state average. Kauai County documented the third highest foreclosure rate, where one in every 561 housing units received a foreclosure filing during the month.

 

State contributes less than 1 percent to nation’s foreclosure total in April

Hawaii accounted for less than 1 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Hawaii

117

0

497

0

70

684

741

-5.52

216.67

 

 

 

 

 

 

 

 

 

 

Hawaii

24

0

135

0

25

184

422

5.14

820.00

Honolulu

57

0

212

0

21

290

1,154

-10.22

121.37

Kalawao

0

0

0

0

0

0

 n/a

n/a

n/a 

Kauai

8

0

38

0

6

52

561

8.33

160.00

Maui

28

0

112

0

18

158

411

-11.24

251.11

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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