Hawaii Foreclosures Rise in April
Foreclosures in Hawaii hit a 2010 high in April, even as the overall economy shows signs of modest recovery. The number in Hawaii runs counter to the trend nationwide, where the numbers dipped for the first time in 2 years.
Our real estate market is still being affected by the unemployment numbers in the state and the drop in values in many areas from a few years ago.
Research firm RealtyTrac reported that 1,474 Hawai'i properties were in some stage of foreclosure in April. The figure was a little more than double the year-earlier figure of 684 properties, and was the highest this year next to the 1,302 properties in January. Only one other month had a higher count, and that was December at 1,534.
Hawai'i was one of six states with foreclosure counts that at least doubled in April from a year before. The state's rate was the 11th-worst in the country, and represents one filing for every 387 Hawaii households.
The real estate market in Hawaii does typically lag the mainland numbers. Until last year, the state had one of the lowest foreclosure rates, because home prices in other states fell earlier and harder. But the trend has caught up with us now.
Among Hawai'i counties, Honolulu had the most filings at 581, but the lowest rate, at one filing for every 580 households. Kaua'i had the next best rate at one filing per 313 households, based on 95 total filings. On Maui, the rate was one filing per 187 households, based on 353 total filings. The Big Island had the worst rate, at one filing per 179 households, or 445 filings in all.
If you are having trouble making your payments on your Hawaii Kai home, call me before you get too far behind. You do have options to foreclosure.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.barbarashawaii.com
www.movetohawaiikai.com