ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Total Up 51 Percent From a Year Ago
IRVINE, Calif. – Nov. 10, 2006 – Hawaii reported 65 properties entering some stage of the foreclosure process in October, a 3 percent increase from the 63 properties reported in September, and a 51 percent gain from the 43 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report. The state had the 43rd highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 7,085 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 700,000 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.
“Foreclosure activity in Hawaii has increased, even though the state reports robust job growth,” said James J. Saccacio, chief executive officer of RealtyTrac. “Mortgage credit quality within the state generally remains strong, but subprime delinquencies are on the rise.”
Honolulu County leads state in activity
Honolulu County led the state reporting 31 properties entering some stage of the foreclosure process during the month. Maui County registered the second highest total, reporting 14 properties in some stage of the foreclosure process for the month, followed by Hawaii County reporting the third highest total with 12 properties in the foreclosure pipeline.
Kauai County posts state’s top foreclosure rate
Kauai County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 3,166 households — 2.2 times the state average and 0.3 times the national average. Next highest was Maui County reporting one new foreclosure filing for every 4,027 households — 1.8 times the state average and 0.3 times the national average. The third highest rate in the state was found in Hawaii County, which reported one new foreclosure filing for every 5,223 households — 1.4 times the state average and 0.2 times the national average.
State total has little impact on national total
Hawaii’s foreclosure activity accounted for less than 1 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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).
Hawaii Foreclosure Market by County – October 2006
1 in every # households
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 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.
Atomic Public Relations