Hawaii Forecloses Less Than Other States
Tuesday, July 15th, 2008The volcanic island of Hawaii is in the Pacific Ocean and is the largest island in USA. Its administration is under the control of County of Hawaii having its county seat in Hilo.
In the national foreclosure race Hawaii ranks 45th. Hawaii foreclosures are comparatively less than the other states. In Nevada, California, Arizona, Florida and Michigan the increase was by approximately 85%, 77%, 127%, 92% and 19% respectively. The foreclosure ratio in Hawaii was 1:3,732 as against 1:122 in Nevada, 1:192 in California, 1:201 in Arizona and 1:375 in Michigan. Nevertheless the number of local foreclosures jumped by 19% in June (year-over-year). June this year saw a fall by 17% in foreclosures as compared to May. This improved its ranking from 42 in May to 45 in June. In June of 2007 Hawaii had ranked 40th.
Foreclosures in Hawaii are relatively on a low key because of the limitations of land area. This puts an automatic check on the real estate market falling out of control. Thus there is no doubt that the foreclosure weather is much better here in Hawaii than elsewhere, said spokesperson Daren Blomquist.
In June 134 foreclosure postings were posted calculating to a foreclosure rate of 1:3,732. There were 12 NOD or notices of default, 103 trustee sales notices and the banks repossessed 19 houses.
In the nation altogether there were 252,363 foreclosures in June counting to a foreclosure rate of 1:501. By foreclosure is meant all the stages of the judicial process of foreclosure including default and auction notice as well as repossession by the bank. There was a 3.4% fall from May but an increase of 53% from June of the previous year. The highest foreclosure offenders continue to be Nevada, California and Arizona. Nevada recorded 8,713 foreclosure filings showing an 85% increase from June 2007. It measured to a foreclosure rate of 1:122 – this being four times greater than the national median.
Foreclosures have shown a tendency to increase in Hawaii from 2005 and 2006. During this time there were less than 100 postings per month. But since 2007 it has gone up to more than 100 each month. In April Hawaii came to rank 36th in the national foreclosure rankings marking a 218% spike from the previous year. Blomquist commented that since the last few years foreclosures have been slowly but steadily picking up speed. But still it is not a major threat to the real estate market.
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