Hawaii Foreclosure Activity Rises in First Quarter

Statewide filings up significantly from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Hawaii rose 1 percent during the first quarter of 2010 and was up 111 percent from the same period last year. In all, the state reported 3,286 properties with foreclosure filings during the quarter.

 

In March the state reported 1,097 properties with foreclosure filings, a 13 percent increase from the previous month and 52 percent above the level reported in March 2009. One in every 468 Hawaii housing units received a foreclosure filing during the month, the 15th highest state foreclosure rate.

 

“Hawaii reported another increase in foreclosure filings in March as activity remained high for the first quarter of 2010 and as compared to March 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s job market has remained relatively steady for the past several months, foreclosure activity more than doubled in the first quarter of 2010 compared to this period last year.”

 

One in every 156 Hawaii housing units received a foreclosure filing during the quarter — the 13th highest state foreclosure rate in the nation.

 

Hawaii County tops in foreclosure rate for the first quarter

Hawaii County had the highest county foreclosure rate in the state during the first quarter, with one in every 93 housing units receiving a foreclosure filing — 1.5 times the national average and 1.7 times the state average. Maui County had the second highest rate, with one in every 99 housing units receiving a foreclosure filing — 1.4 times the national average and 1.6 times the state average. Kauai County came in third, with one in every 147 housing units receiving a foreclosure filing — 1.1 times the state average.

 

Honolulu County led state in total foreclosures for the first quarter

Honolulu County led all counties in total foreclosure activity, reporting 1,564 properties with foreclosure filings for the quarter. Hawaii County was second, reporting 853 properties with foreclosure filings. Reporting 666 properties with foreclosure filings for the quarter, Maui County came in third. Kauai County was fourth, reporting 203 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Hawaii represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Hawaii

289

0

2,063

0

934

3,286

156

0.89

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

60

0

496

0

297

853

93

1.48

1.67

Maui

68

0

410

0

188

666

99

1.39

1.57

Kauai

30

0

113

0

60

203

147

0.94

1.06

Honolulu

131

0

1,044

0

389

1,564

216

0.64

0.72

 

 

Hawaii Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Hawaii

289

0

2,063

0

934

3,286

156

1.42

111.45

 

 

 

 

 

 

 

 

 

 

Honolulu

131

0

1,044

0

389

1,564

216

14.75

123.75

Hawaii

60

0

496

0

297

853

93

-11.42

119.28

Maui

68

0

410

0

188

666

99

-2.20

87.08

Kauai

30

0

113

0

60

203

147

-12.88

84.55

 

 

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