Hawaii Foreclosures Head Downward in August

Hawaii foreclosure activity fell in August, down to 869 properties with foreclosure filings for the month, a 12 percent decrease from the previous month but still 159 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Hawaii foreclosures headed downward in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is no surprise as the state had the second highest jump in home sales during the second quarter, and its unemployment rate remains well below the national average. If these trends continue, we may see foreclosures here drop further.”

 

Hawaii ranked 37th in the country in total foreclosures reported for the month. With one in every 583 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Kauai County posts state’s top foreclosure rate in August

Kauai County posted the highest county foreclosure rate in Hawaii for August, with one in every 138 housing units receiving a foreclosure filing — 4.2 times the state average. Maui County had the second highest foreclosure rate, with one in every 369 housing units receiving a foreclosure filing during the month — 1.6 times the state average. Hawaii County posted the third highest foreclosure rate, where one in every 434 housing units received a foreclosure filing.

 

Honolulu County posts top total for August

Honolulu County led the way, tallying 302 properties with foreclosure filings for the month. Kauai County reported the second highest foreclosure total, documenting 212 properties with foreclosure filings. Reporting 179 properties with foreclosure filings for the month, Hawaii County posted the third highest total in the state. Maui County was fourth highest, reporting 176 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure activity in August

Hawaii accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Hawaii

110

0

487

0

272

869

583

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Kauai

7

0

42

0

163

212

138

2.59

4.23

Maui

28

0

125

0

23

176

369

0.97

1.58

Hawaii

21

0

118

0

40

179

434

0.82

1.34

Honolulu

54

0

202

0

46

302

1,109

0.32

0.53

 

 

Hawaii Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Hawaii

110

0

487

0

272

869

583

-12.22

158.63

 

 

 

 

 

 

 

 

 

 

Honolulu

109

85

88

130

165

302

1,109

-44.28

184.91

Kauai

43

1

83

46

14

212

138

198.59

53.62

Hawaii

86

0

1

6

2

179

434

-9.14

539.29

Maui

0

11

34

2

42

176

369

-2.22

175.00

 

 

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