Hawaii Foreclosure Activity Down in February

Statewide filings decrease 25 percent from January; Up 81 percent from February 2009

 

Foreclosure activity in Hawaii decreased in February to 972 properties with foreclosure filings, down 25 percent from the previous month but 81 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Hawaii foreclosures fell significantly in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 27 percent for the month. This is likely due to the recent spike in home sales resulting from a big drop in home prices last year. With unemployment remaining well below the national average, it is possible that we will see further declines here this year.”

 

Hawaii ranked 34th in the country in total foreclosures reported for the month. With one in every 528 housing units receiving a foreclosure filing, its foreclosure rate ranked 14th among the 50 states.

 

Hawaii County posts top foreclosure rate in the state for February

Hawaii County posted the state’s highest county foreclosure rate in February, with one in every 287 housing units receiving a foreclosure filing — 1.8 the state average. Maui County was second, with one in every 302 housing units receiving a foreclosure filing — 1.8 times the state average. Kauai County came in third highest, with one in every 473 housing units receiving a foreclosure filing.

 

Honolulu County led the state in total foreclosures in February

Honolulu County led the way, totaling 413 properties with foreclosure filings for the month. Hawaii County was second, documenting 277 properties with foreclosure filings. Maui County ranked third highest, reporting 219 properties with foreclosure filings for the month. Kauai came in fourth place, reporting 63 properties with foreclosure filings.

 

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

Hawaii accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 Top Foreclosure Rates by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Hawaii

87

0

625

0

260

972

528

0.79

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

16

0

175

0

86

277

287

1.46

1.84

Maui

15

0

139

0

65

219

302

1.39

1.75

Kauai

7

0

40

0

16

63

473

0.88

1.12

Honolulu

49

0

271

0

93

413

816

0.51

0.65

Kalawao

0

0

0

0

0

0

n/a

0.00

0.00

 

 

 

Hawaii Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Hawaii

87

0

625

0

260

972

528

-25.35

81.01

 

 

 

 

 

 

 

 

 

 

Honolulu

49

0

271

0

93

413

816

-36.66

67.89

Hawaii

16

0

175

0

86

277

287

-15.03

93.71

Maui

15

0

139

0

65

219

302

-12.75

97.30

Kauai

7

0

40

0

16

63

473

-13.70

70.27

Kalawao

0

0

0

0

0

0

n/a

n/a

n/a

 

 

 

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