Hawaii Foreclosure Activity Up Significantly in 2009

Statewide filings up 183 percent from 2008; Up 76 percent from November

 

Hawaii tallied 9,002 properties with foreclosure filings in 2009, a 183 percent increase from the total reported for 2008, and 832 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Reporting 1,534 properties with foreclosure filings for December, Hawaii had a 76 percent increase from the previous month, and was 207 percent above December 2008. The state’s foreclosure rate — one in every 330 housing units received a foreclosure filing — ranked 10th in the nation for the month.

 

Hawaii foreclosures continued to rise in 2009 and in the month of December,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s unemployment rate remained well below the national average, home values declined further than most states. However, home sales have begun to pick up recently. If this trend continues, we may see foreclosures start to decline in 2010.”

 

Hawaii ranked 35th in the nation for total foreclosures in 2009. One in every 56 housing units receiving a foreclosure filing, ranking Hawaii’s foreclosure rate 15th in the nation for the year.

 

Hawaii and Maui counties posted state’s highest foreclosure rate for 2009

With one in every 34 housing units receiving a foreclosure filing in 2009, Hawaii and Maui Counties tied for the highest county foreclosure rate in the state for the year. Kauai County had the third highest rate, with one in every 35 housing units receiving a foreclosure filing. Honolulu County was fourth highest with one in every 84 housing units receiving a foreclosure filing.

 

Honolulu County led state in total foreclosure filings for 2009

Reporting a total of 3,985 properties with foreclosure filings for the year, Honolulu County led the state in total foreclosures in 2009. Hawaii County came in second, documenting 2,304 properties with foreclosure filings. Reporting 1,886 properties with foreclosure filings for the year, Maui County had the third highest total in the state. Kauai County was fourth highest, reporting 827 properties with foreclosure filings during the year.

 

State a minor contributor to nation’s foreclosure total in 2009

Hawaii accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Hawaii

9,002

1.78

56

182.64

831.88

 

 

 

 

 

 

Hawaii

2,304

2.97

34

323.53

1,296.36

Maui

1,886

2.90

34

184.46

798.10

Kauai

827

2.83

35

149.85

1,002.67

Honolulu

3,985

1.19

84

141.96

672.29

 

 

Hawaii Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Hawaii

9,002

1.78

56

182.64

831.88

 

 

 

 

 

 

Honolulu

3,985

1.19

84

141.96

672.29

Hawaii

2,304

2.97

34

323.53

1,296.36

Maui

1,886

2.90

34

184.46

798.10

Kauai

827

2.83

35

149.85

1,002.67

 

 

Hawaii Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Hawaii

75

0

1,241

0

218

1,534

330

1.11

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

11

0

434

0

72

517

150

2.44

2.20

Maui

24

0

208

0

65

297

219

1.67

1.51

Kauai

8

0

49

0

20

77

379

0.97

0.87

Honolulu

32

0

550

0

61

643

521

0.70

0.63

 

 

Hawaii Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Hawaii

75

0

1,241

0

218

1,534

330

75.92

207.41

 

 

 

 

 

 

 

 

 

 

Honolulu

32

0

550

0

61

643

521

73.78

169.04

Hawaii

11

0

434

0

72

517

150

126.75

345.69

Maui

24

0

208

0

65

297

219

50.76

175.00

Kauai

8

0

49

0

20

77

379

0.00

113.89

 

                                               

 

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