Hawaii Foreclosure Activity Fell in May

Statewide foreclosure filings down 28 percent from April

 

Foreclosure activity in Hawaii fell 28 percent in May to 1,055 properties with foreclosure filings. This latest state total still represents a 29 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity improved significantly in Hawaii in May, though it remained above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate dropped to 6.7 percent recently, though its reliance on tourism in a time when many American’s are tightening their belts will likely cause full economic recovery to lag a bit.”

 

The state’s foreclosure rate ranked 13th in the nation, as one in every 486 Hawaii housing units received a foreclosure filing during the month.

 

Hawaii County led the state in foreclosure rate for May

Hawaii County posted the highest foreclosure rate for May, with one in every 245 housing units receiving a foreclosure filing — twice the state average. Maui County had the second highest foreclosure rate, with one in every 285 housing units receiving a foreclosure filing —1.7 times the state average. Kauai County had the third highest foreclosure rate, with one in every 372 housing units receiving a foreclosure filing.

 

Honolulu County tops in foreclosure total for May

Honolulu County led the state in foreclosure activity, reporting 418 properties with foreclosure filings for the month. Hawaii County had the second highest foreclosure total, documenting 325 properties with foreclosure filings. Reporting 232 properties with foreclosure filings for the month, Maui County had the third highest total. Kauai County was fourth highest, reporting 80 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

Hawaii accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Hawaii

92

0

660

0

303

1,055

486

0.82

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

16

0

192

0

117

325

245

1.63

1.98

Maui

30

0

143

0

59

232

285

1.40

1.71

Kauai

5

0

43

0

32

80

372

1.07

1.31

Honolulu

41

0

282

0

95

418

807

0.50

0.60

 

 

Hawaii Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Hawaii

92

0

660

0

303

1,055

486

-28.43

29.29

 

 

 

 

 

 

 

 

 

 

Honolulu

41

0

282

0

95

418

807

-28.06

4.76

Hawaii

16

0

192

0

117

325

245

-26.97

93.45

Maui

30

0

143

0

59

232

285

-34.28

35.67

Kauai

5

0

43

0

32

80

372

-15.79

2.56

 

 

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