Hawaii Foreclosures Up in 2010

Foreclosure filings rise 38 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,425 Hawaii properties for 2010, up 38 percent from a year ago and 290 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,000 Hawaii properties in December 2010, a 14 percent increase from November, but 35 percent lower than the level reported in December 2009. One in every 513 Hawaii housing units received a foreclosure filing during the month.

 

Hawaii foreclosures were up in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 117 percent for the year. The state’s home prices declined nearly double that of the national average throughout most of the year. Even so, home sales did not decline as far as most states and unemployment here remains low. If these trends continue, we may see foreclosures begin to come down here this year.”

Hawaii ranked 34th in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 41 housing units receiving a foreclosure filing during the year, ranked it 11th among the 50 states.

Hawaii County achieves top foreclosure rate honors in 2010

Hawaii County posted the highest foreclosure rate in Hawaii for 2010, with one in every 24 housing units receiving a foreclosure filing — 1.9 times the national average. Maui County reported the second highest foreclosure rate, with one in every 25 housing units receiving a foreclosure filing for the year — 1.8 times the national average. Kauai County came in third, with one in every 36 housing units receiving a foreclosure filing.

 

Honolulu County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Honolulu County, which reported 5,561 properties with foreclosure filings for the year. Hawaii County tallied the second highest foreclosure level, reporting 3,370 properties with foreclosure filings. Third highest total was in Maui County where 2,675 properties with foreclosure filings were reported. Fourth highest was Kauai County, where 819 properties with foreclosure filings were reported.

 

State contributes less than 1 percent to total foreclosure activity in 2010

Hawaii accounted for less than percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Hawaii

907

34

7,291

0

4,193

12,425

41

1.09

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

0

2,771

0

1,478

2,271

6,520

24

1.90

1.75

Maui

0

605

0

1

259

865

25

1.82

1.67

Kauai

0

0

0

466

577

1,043

36

1.24

1.14

Honolulu

0

0

0

324

253

577

61

0.74

0.68

Kalawao

0

117

0

122

128

367

n/a

0.00

0.00

 

 

Hawaii Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Hawaii

907

34

7,291

0

4,193

12,425

41

38.02

290.11

 

 

 

 

 

 

 

 

 

 

Honolulu

0

2,771

0

1,478

2,271

5,561

61

39.55

237.64

Hawaii

0

0

0

466

577

3,370

24

46.27

519.49

Maui

0

0

0

410

458

2,675

25

41.83

303.47

Kauai

0

605

0

1

259

819

36

-0.97

147.43

Kalawao

0

0

0

324

253

0

n/a

n/a

n/a

 

 

 

Hawaii Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Hawaii

163

0

451

0

386

1,000

513

0.98

n/a

 

 

 

 

 

 

 

 

 

 

Hawaii

20

0

135

0

134

289

275

1.82

1.86

Maui

27

0

75

0

93

195

339

1.48

1.51

Kauai

4

0

36

0

31

71

419

1.19

1.22

Honolulu

112

0

205

0

128

445

758

0.66

0.68

Kalawao

0

0

0

0

0

0

n/a

0.00

0.00

 

 

Hawaii Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Hawaii

163

0

451

0

386

1,000

513

14.03

-34.81

 

 

 

 

 

 

 

 

 

 

Honolulu

112

0

205

0

128

445

758

4.46

-30.79

Hawaii

20

0

135

0

134

289

275

36.32

-44.10

Maui

27

0

75

0

93

195

339

10.17

-34.34

Kauai

4

0

36

0

31

71

419

14.52

-7.79

Kalawao

0

0

0

0

0

0

n/a

n/a

n/a

 

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