HAWAII FORECLOSURE ACTIVITY INCREASES 25 PERCENT IN FIRST QUARTER

State Activity Up 319 Percent From Q1 2008

Monthly Activity Up 35 percent in March, Soars 503 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 1,554 Hawaii properties in the first quarter of 2009, a 25 percent increase from the previous quarter and 319 percent above the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Hawaii reported 724 properties with foreclosure filings in March, a 35 percent increase from the previous month and 503 percent above its March 2008 total.

 

“Foreclosure activity in Hawaii increased significantly in the first quarter of 2009 and remained grossly elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remains elevated within the state as well, likely contributing to the state’s number of foreclosures.”

 

Hawaii ranked 38th in the country in total properties with foreclosure filings for the quarter. One in every 326 Hawaii housing units received a foreclosure filing during the month, the 26th highest state foreclosure rate in the nation.

 

Honolulu County the single largest contributor to state total for the quarter

Honolulu County led the state in foreclosure activity for the quarter, reporting 699 properties with foreclosure filings. Hawaii County was second, reporting 389 properties with foreclosure filings. Maui County was third highest, reporting 356 properties with foreclosure filings. Kauai County registered the fourth highest total, documenting 110 properties with foreclosure filings.

 

Maui County posts state’s top foreclosure rate in the state for first quarter

With one in every 182 housing units receiving a foreclosure filing — 1.8 times the state average — Maui County posted the highest county foreclosure rate for Q1 2009. Hawaii County came in a close second, with one in every 200 housing units receiving a foreclosure filing — 1.6 times the state average. Third highest rate was documented in Kauai County, where one in every 265 housing units received a foreclosure filing during the month — 1.2 times the state average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Hawaii accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Hawaii

300

0

1,094

0

160

1,554

326

25.32

318.87

 

 

 

 

 

 

 

 

 

 

Hawaii

59

0

280

0

50

389

200

33.22%

559.32%

Honolulu

149

0

483

0

67

699

479

11.31%

350.97%

Kalawao

0

0

0

0

0

0

Kauai

24

0

75

0

11

110

265

44.74%

168.29%

Maui

68

0

256

0

32

356

182

45.90%

206.90%

 

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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