Hawaii Foreclosure Activity Rises in April

Statewide filings up 34 percent from March; up 115 percent from last year

 

Monthly foreclosure activity in Hawaii rose 34 percent from the previous month to 1,474 properties with foreclosure filings. This latest state total also represents a 115 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Hawaii foreclosures were up markedly in April and more than double from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in auction notices, which climbed 67 percent for the month. Although the state’s unemployment remains low, home prices continued to fall further than the national average during the fourth quarter of last year, which is no doubt contributing to the recent rise in the foreclosure level.”

 

Hawaii ranked 33rd in the country in total foreclosures for the month. With one in every 348 housing units receiving a foreclosure filing, its foreclosure rate ranked 11th among the 50 states.

 

Hawaii County posts top foreclosure rate for April

With one in every 179 housing units receiving a foreclosure filing —  2.2 times the national average and twice the state average — Hawaii County posted the highest county foreclosure rate in the state for the month. Maui County came in second, with one in every 187 housing units receiving a foreclosure filing — twice the national average and 1.9 times the state average. Kauai County was third, with one in every 313 housing units receiving a foreclosure filing — 1.2 times the national average and 1.1 times the state average.

 

Highest foreclosure total in Honolulu County for April

Honolulu County led all counties in the state, reporting 581 properties with foreclosure filings for the month. Hawaii County came in second highest, documenting 445 properties with foreclosure filings. Reporting 353 properties with foreclosure filings for the month, Maui County ranked third highest. Kauai County was fourth, reporting 95 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total

Hawaii accounted for less than 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Hawaii

52

61

1,093

0

268

1,474

348

1.11

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

11

9

332

0

93

445

179

2.16

1.95

Maui

8

15

273

0

57

353

187

2.06

1.86

Kauai

11

2

56

0

26

95

313

1.23

1.11

Honolulu

22

35

432

0

92

581

580

0.67

0.60

 

 

Hawaii Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Hawaii

52

61

1,093

0

268

1,474

348

34.37

115.50

 

 

 

 

 

 

 

 

 

 

Honolulu

22

35

432

0

92

581

580

11.30

100.34

Hawaii

11

9

332

0

93

445

179

57.80

141.85

Maui

8

15

273

0

57

353

187

62.67

123.42

Kauai

11

2

56

0

26

95

313

25.00

82.69

 

 

 

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