Hawaii Foreclosure Activity Increases in May

Total foreclosure filings statewide soar from a year ago.

 

Hawaii’s foreclosure activity rose in May to 816 properties with foreclosure filings, a 19 percent increase from the previous month and 398 percent ahead of May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity in Hawaii made a significant move upward in May, and has increase nearly five-fold from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is a crucial factor to foreclosure levels, and joblessness in Hawaii has doubled over the past year to 7.4 percent in May.”

 

Hawaii ranked 35th in the country in total properties with foreclosure filings for May. One in every 621 Hawaii housing units received a foreclosure filing during the month, ranking 15th among the 50 states.

 

Honolulu County tops in foreclosure activity for May

Honolulu County led the state in foreclosure activity for May, reporting 399 properties with foreclosure filings. Second highest total was in Maui County, where 171 properties with foreclosure filings were reported. Hawaii County had the third highest total, reporting 168 properties with foreclosure filings, followed by Kauai County, where 78 properties with foreclosure filings were reported.

 

Kauai County posts state’s highest foreclosure rates for May

With one in every 374 housing units receiving a foreclosure filing during the month, Kauai County posted the highest county foreclosure rate in the state. Maui County had the second highest rate, with one in every 380 housing units receiving a foreclosure filing. Third highest rate was found in Hawaii County, where one in every 462 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Hawaii represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Hawaii

279

0

476

0

61

816

621

19.30

397.56

 

 

 

 

 

 

 

 

 

 

Hawaii

30

0

116

0

22

168

462

-8.70

740.00

Honolulu

179

0

195

0

25

399

839

37.59

638.89

Kalawao

0

0

0

0

0

0

n/a

n/a

n/a

Kauai

30

0

48

0

0

78

374

50.00

310.53

Maui

40

0

117

0

14

171

380

8.23

140.85

 

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