Hawaii foreclosures rank low

The number of Hawaii foreclosures continued to climb for the month of May, according to the latest numbers from RealtyTrac.

Hawaii ranked No. 42 in the nation, with a total of 162 foreclosures filed in May, or one out of 3,087 homes in the state.

While the total number of foreclosures filed was actually down 22.9 percent from April, which was a particularly tough month for Hawaii, it was up 25.6 percent compared to May 2007.

RealtyTrac, an online marketplace for foreclosure properties, in May tallied a total of 29 notices of default, 116 Notice of Trustee sales, and 17 Real Estate Owned properties that were foreclosed on and repurchased by a bank in Hawaii.

The numbers in Hawaii pale in comparison to those in Nevada, which posted the highest state foreclosure rate for the 17th consecutive month.

With a total of 9,009 Nevada properties filing foreclosings in May, Nevada recorded a 72 percent year-over increase.

California's foreclosure activity, with one in every 183 households receiving a foreclosure filing in May, increased 81 percent from May 2007.

Florida is fourth highest on the foreclosure list, with one in every 228 households receiving a foreclosure filing in May.

The national foreclosure rate rose by 7 percent from April, and a hefty 48 percent from May of 2007.

One in every 483 U.S. households received a foreclosure filing during the month of May, the highest monthly rate since RealtyTrac begin issuing its report in January 2005.

It was the third straight month in which there was a month-to-month increase in foreclosure activity, and 29th straight month of year-over-year increase, according to RealtyTrac Chief Executive James J. Saccacio.

Hawaii has fared better than most of the rest of the nation, and with the exception of April, always has fallen below the No. 40 rank.

In April, RealtyTrac recorded 210 foreclosure filings in Hawaii, or one out of every 2,381 households, catapulting the state to the No. 36 rank in the nation.

Oahu home sales took a nearly 30 percent plunge in May, according to the latest numbers from the Honolulu Board of Realtors, signaling a serious slowdown in the residential real estate market. The median price held steady in May, at $649,500, but demand from buyers continued to decline.

The number of foreclosures may grow in coming months in Hawaii as unemployment climbs.

The University of Hawaii Economic Research Organization, released its forecast today predicting net job losses over the next two years across several sectors, with the airline and tourism industries hit hardest.

No place to call home