Hawaii Foreclosure Activity Up in Third Quarter

Total foreclosure filings rise 18 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,060 Hawaii properties during the third quarter, an 18 percent increase from the previous quarter and up 48 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Hawaii reported 1,617 properties with foreclosure filings, a 1 percent decrease from the previous month, but 67 percent above the level reported for the same month last year. One in every 317 Hawaii housing units received a foreclosure filing in September, the ninth highest foreclosure rate among the 50 states.

 

“Foreclosure activity surged upward in Hawaii in the third quarter of 2010, with an increased number of filings compared to the previous quarter and to the same quarter last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Many of Hawaii’s foreclosure filings appear to be vacation properties purchased by investors rather than the homes of local residents, which makes sense considering that the state’s unemployment rate is relatively low.”

 

One in every 126 Hawaii housing units received a foreclosure filing during the quarter, the tenth highest state foreclosure rate in the nation.

 

Maui County led state with top foreclosure rate in third quarter

Hawaii County posted the highest foreclosure rate in Hawaii during the third quarter of 2010, where one in every 69 housing units received a foreclosure filing — twice the national average. Hawaii County posted the second highest foreclosure rate, where one in every 80 housing units received a foreclosure filing during the period — 1.7 times the national average. Kauai County documented the third highest foreclosure rate, where one in every 109 housing units received a foreclosure filing.

 

Honolulu County posts state’s top foreclosure total in third quarter

Honolulu County led the state, reporting 1,843 properties with foreclosure filings for the quarter. Hawaii County was second, reporting 992 properties with foreclosure filings. Maui County was third, tallying 953 properties with foreclosure filings. Kauai County was fourth highest, reporting 272 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Hawaii. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Hawaii

186

0

2,504

0

1,370

4,060

126

1.10

n/a

 

 

 

 

 

 

 

 

 

 

Maui

53

0

509

0

391

953

69

2.00

1.82

Hawaii

31

0

564

0

397

992

80

1.73

1.57

Kauai

15

0

153

0

104

272

109

1.27

1.15

Honolulu

87

0

1,278

0

478

1,843

183

0.76

0.69

 

 

Hawaii Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Hawaii

186

0

2,504

0

1,370

4,060

126

18.13

48.01

 

 

 

 

 

 

 

 

 

 

Honolulu

87

0

1,278

0

478

1,843

183

42.10

55.40

Hawaii

31

0

564

0

397

992

80

-6.68

58.72

Maui

53

0

509

0

391

953

69

12.38

62.63

Kauai

15

0

153

0

104

272

109

18.78

-21.39

 

 

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