HAWAII FORECLOSURES INCREASE 109 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 165 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – Hawaii documented 90 new foreclosure filings in January, a 109 percent increase from the previous month, and a 165 percent increase from January 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 foreclosures are on the rise in Hawaii, it still holds one of the lowest foreclosure rates in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that the state held the lowest unemployment rate nationwide and that its home price appreciation rate was almost double the national average. These factors are undoubtedly keeping Hawaii foreclosure numbers lower than most states.”

 

Hawaii ranked 44th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 5,117 households ranked 41st among the 50 states.

 

Honolulu County accounts for largest share of state total

Honolulu County led the state in total foreclosures, reporting 48 foreclosure filings for the month. Hawaii and Kauai Counties each documented 15 foreclosure filings in the foreclosure pipeline during the month.

 

Kauai County leads state in foreclosure rate

Kauai County tallied the highest foreclosure rate in Hawaii for January, with one new foreclosure filing for every 1,689 households — three times the state average. Hawaii County registered the second highest rate, with one new foreclosure filing for every 4,178 households — 1.2 times the state average. Maui County registered the third highest foreclosure rate, with one new foreclosure filing for every 4,698 households.

 

State makes minor contribution to national total

Hawaii accounted for less than 1 percent of the 130,511 foreclosure filings nationwide in January, up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

Hawaii

10

69

0

0

11

90

5,117

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

3

12

0

0

0

15

4,178

0.21

1.22

Honolulu

6

42

0

0

0

48

6,583

0.13

0.78

Kauai

0

5

0

0

10

15

1,689

0.52

3.03

Maui

1

10

0

0

1

12

4,698

0.19

1.09

 

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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