Hawaii ranks 45th in foreclosures
The number of local foreclosures jumped nearly 19 percent year-over-year in June, though Hawaii fared significantly better than many other states where defaults are increasing at a faster pace.
No place to call home
The states with the most foreclosure activity per household last month.
|| JUNE '07
Hawaii recorded a 17 percent decrease in June foreclosures from the prior month, driving the state to 45th in a national survey, down from 42nd in May, according to RealtyTrac
, an online marketplace for foreclosure properties. Hawaii ranked No. 40 in June 2007.
"There is more of a limited supply in Hawaii because of the limited amount of space, which helps from keeping the real estate market from falling too far," said spokesman Daren Blomquist. "Definitely Hawaii seems to be in better shape than most of the other states."
A total of 134 foreclosures were filed in June, or one in every 3,732 Hawaii households.
The state reported 12 notices of defaults, 103 notices of trustee's sales and 19 properties that were repossessed by banks.
Nationally, default notices, auction sale notices and bank repossessions were filed on 252,363 properties during the month, or one for every 501 households, a 3.4 percent decrease from the preceding month and 53 percent increase from June 2007.
Nevada, California and Arizona continue to post the nation's highest foreclosure rates. Nevada reported 8,713 filings in June, up nearly 85 percent from the year earlier, or one in every 122 households -- more than four times the national average.
Hawaii has seen an upward trend in foreclosures since 2005 and 2006, when there were fewer than 100 filings each month. Filings increased to more than 100 a month in 2007, and in April, the state climbed to 36th in the national ranking with a 218 percent jump in foreclosures from the year-earlier period.
"Foreclosures have increased gradually over the last couple years," Blomquist said. "But I wouldn't consider it a big threat to the real estate market."
North Dakota, which posted 11 foreclosure filings last month, a nearly 74 percent decrease year-over-year, was ranked the lowest in the nation, followed by South Dakota and West Virginia.