ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
State’s Activity Down 93 Percent From a Year Ago
IRVINE, Calif. – July 31, 2006 – Hawaii reported 53 properties entering some stage of the foreclosure process in July, a 141 percent increase in activity from the 22 properties reported in June, though 93 percent below the 763 properties reported for the same month last year, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“Though its recent spike in foreclosure activity is certainly notable, Hawaii‘s robust job market is driving wages up and the housing market within the state remains strong,” said James J. Saccacio, chief executive officer of RealtyTrac. “The economy’s strength, which is largely due to tourism and construction, has certainly helped keep foreclosure activity down compared to last year.”
Hawaii ranked 44th in the nation in total foreclosures reported for July. The state’s foreclosure rate of one new foreclosure filing for every 8,689 households ranks it 44th among the 50 states.
Honolulu County Leads State in Foreclosure Activity
Honolulu County led all counties in the state, reporting 38 properties entering some stage of the foreclosure process for July. Maui County came in second, reporting nine properties.
Maui County Posts Highest Foreclosure Rate
Maui County posted the state’s highest foreclosure rate in July, reporting one new foreclosure filing for every 6,264 households — 1.4 times the state average and 0.2 times the national average. Honolulu County had the second highest rate, reporting one new foreclosure filing for every 8,315 households — 1.0 times the state average and 0.2 times the national average.
Hawaii Total Has Little Impact on Monthly National Total
Hawaii foreclosures accounted for less than 1 percent of the 92,845 properties entering some stage of foreclosure nationwide in July. The national total represents a 5 percent increase from June when a total 88,194 foreclosures were reported. The nation’s foreclosure rate also increased to one new foreclosure filing for every 1,245 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 – July 2006
1 in every # households
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations