Hawaii Foreclosure Activity Higher in Second Quarter

Activity level rises 5 percent from Q1

Foreclosure filings increase 80 percent mid-year; down 5 percent in June

 

Hawaii reported 3,437 properties with foreclosure filings for the second quarter of 2010, a 5 percent increase from the first quarter of the year and is nearly 62 percent above the level reported for the second quarter of 2009.

 

Activity level in the Aloha State rose during the first half of 2010, but fell in June. For the first six months of the year, Hawaii reported 6,482 properties with foreclosure filings, a 10 percent rise in activity from the second half of 2009, and 80 percent above the level reported mid-year 2009. In June the state tallied 1,000 properties with foreclosure filings, a decrease of 5 percent from the previous month but up 42 percent from June 2009.

 

“Although Hawaii foreclosures were down in June, the numbers are up during the second quarter and for the first half of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s home sales fell much further than the national average recently. This has likely led to the overall rise.”

 

One in every 149 Hawaii housing units received a foreclosure filing during the quarter, giving the state the 12th highest foreclosure rate in the nation.

 

Hawaii County posts state’s top foreclosure rate for the quarter

Hawaii County posted the highest county foreclosure rate in the state during the second quarter, with one in every 75 housing units receiving a foreclosure filing — twice the state average. Maui County posted the second highest foreclosure rate, with one in every 78 housing units receiving a foreclosure filing — 1.9 times the state average. Kauai County reported the third highest foreclosure rate, with one in every 130 housing units receiving a foreclosure filing during the second quarter.

 

Honolulu County leads state in total foreclosures for the second quarter

Honolulu County led Hawaii in foreclosure activity, reporting 1,297 properties with foreclosure filings for the quarter, while Hawaii County documented the second highest foreclosure total, reporting 1,063 properties with foreclosure filings. Reporting 848 properties with foreclosure filings for the quarter, Maui County came in third. Kauai County was fourth, reporting 229 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Hawaii represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Hawaii

193

37

2,278

0

929

3,437

149

0.97

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

42

6

665

0

350

1,063

75

1.92

1.99

Maui

55

5

578

0

210

848

78

1.85

1.91

Kauai

21

1

125

0

82

229

130

1.11

1.15

Honolulu

75

25

910

0

287

1,297

260

0.55

0.57

Kalawao

0

0

0

0

0

0

n/a

0.00

0.00

 

 

Hawaii Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Hawaii

193

37

2,278

0

929

3,437

149

4.60

61.67

 

 

 

 

 

 

 

 

 

 

Honolulu

75

25

910

0

287

1,297

260

-17.07

36.53

Hawaii

42

6

665

0

350

1,063

75

24.62

105.61

Maui

55

5

578

0

210

848

78

27.33

81.97

Kauai

21

1

125

0

82

229

130

12.81

18.65

Kalawao

0

0

0

0

0

0

n/a

0.00

0.00

 

 

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