Thursday, February 12, 2009

State foreclosures up 174%

By Allison Schaefers Star Bulletin
Hawaii now ranks 30th nationally, up 12 places from this time last year

The number of Hawaii homeowners who received foreclosure notices nearly tripled in January from a year ago, and the number is likely to keep growing, according to a nationwide survey released yesterday by RealtyTrac.

Hawaii reported 337 foreclosure filings in January, which amounts to one foreclosure filing per every 1,504 households. That is down 32 percent from December but up a staggering 174 percent from the same month in 2008, when foreclosures had a more limited footprint throughout the islands.

"There are a lot of variables out there, but our expectation is that there will be a pretty high level of foreclosures at least through the middle of this year and likely longer," said Daren Blomquist, RealtyTrac's marketing communications manager.

While Hawaii's rate of foreclosure growth is still low in comparison with places like Nevada where one in every 76 homeowners is in foreclosure, the increase catapulted the state to No. 30 nationally for activity. In January 2008, Hawaii was ranked No. 42 out of 50 states.

While just less than half of the foreclosure activity took place in Honolulu, homeowners on the Big Island and Maui made up about a quarter of the activity, and those on Kauai accounted for about an eighth.


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