Foreclosure rates level off
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While Hawaii's foreclosure rate in October was about double the year prior, the figure fell slightly from September, according to a nationwide survey released today by RealtyTrac.
Nationwide, October foreclosures continued well above the same period last year. However RealtyTrac said that foreclosure numbers appear to have begun leveling off from the two-year high that they hit in August.
Hawaii reported 131 foreclosure filings in October, which amounts to one foreclosure filing per every 3,749 households. That is down 2.96 percent from September but up 101.5 percent from the same month in 2006.
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While Hawaii's foreclosure rate continues to run ahead of last year, overall activity seems to be leveling off, according to new data released today.
Nationwide, October foreclosures remained ahead of last year's pace as more consumers defaulted on loans and lenders tightened their underwriting standards, according a report by RealtyTrac, which tracks foreclosures nationwide. However, foreclosure numbers appear to have begun leveling off from the two-year high that they hit in August, said James J. Saccacio, chief executive officer of RealtyTrac.
"Default notices were down nearly 9 percent in October, indicating that some of the efforts on the part of homeowners, lenders and advocacy groups to find alternatives to foreclosure may be starting to have an impact, Saccacio said. "On the other hand, bank repossessions were up nearly 35 percent, evidence that more homeowners who enter foreclosure are losing their homes."
Hawaii had 131 foreclosure filings in October, RealtyTrac's data indicates, or one foreclosure filing per every 3,749 households. The report showed a national rate of one foreclosure filing for every 555 U.S. households.
Hawaii ranked 43rd out of the 50 states surveyed, up from 40th in September.
However, the state's foreclosure rate dropped 2.96 percent from September but rose 101.5 percent from the same month in 2006. Nationally, foreclosures are up 2.1 percent from the previous month and up 94.2 percent year-over-year, according to RealtyTrac.
Nevada, California, and Florida posted the top foreclosure rates along with Ohio, Georgia, Michigan, Colorado, Arizona, Indiana and Illinois.