HAWAII FORECLOSURES DECREASE 40 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 7 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Hawaii reported 59 foreclosure filings in February, a 40 percent decrease from the previous month, but still a 7 percent increase from February 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Although Hawaii foreclosures are up slightly from this time last year, the numbers have decreased significantly in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Steady home price appreciation and strong job growth — especially in the employment services and construction sectors — are likely helping to keep Hawaii’s foreclosure rate one of the lowest in the country.”

 

Hawaii ranked among the 10 lowest states in total foreclosures for February. The state’s foreclosure rate of one foreclosure filing for every 7,806 households ranks it again among the 10 lowest states.

 

Honolulu County accounts for majority of state total

Honolulu County reported the highest county total with 28 foreclosure filings for the month. Hawaii County came in second, reporting 13 foreclosure filings, followed by Kauai County with 11 new foreclosure filings.

 

Kauai County reports highest foreclosure rate in state

Kauai County tallied the state’s highest foreclosure rate for February, reporting one foreclosure filing for every 2,303 households — 3.4 times the state average. Hawaii County reported the second highest rate in the state, with one foreclosure filing for every 4,821 households — 1.6 times the state average. Maui County reported the state’s third highest foreclosure rate, with one foreclosure filing for every 8,054 households.

 

State contributes less than 1 percent to national total

Total foreclosure filings in Hawaii accounted for less than 1 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate decreased to one new foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                       Hawaii Foreclosure Market by County – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Hawaii

9

42

0

0

8

59

7,806

0.11

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

2

11

0

0

0

13

4,821

0.183

1.619

Honolulu

5

23

0

0

0

28

11,285

0.078

0.692

Kauai

2

1

0

0

8

11

2,303

0.384

3.390

Maui

0

7

0

0

0

7

8,054

0.110

0.969

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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