Honolulu is ranked 100th in foreclosures in the US

Honolulu had the lowest foreclosure rate of the 100 largest metropolitan areas in the second quarter of 2008, according to a survey released yesterday by the real estate firm RealtyTrac.

There were 250 foreclosures in Honolulu during the second quarter of this year, or one foreclosure for every 1,331 households, RealtyTrac found. Honolulu's second-quarter foreclosure rate was a 61.29 percent increase over the first quarter of 2008 and a 63.4 percent increase over the second quarter of 2007.

Although the number of foreclosures in Honolulu grew substantially during the second quarter as they did in 95 percent of the country's metros, the region showed improvement in rank. Honolulu swapped places with the Allentown/Bethlehem/Easton Philadelphia region, which posted the smallest foreclosure footprint during the first quarter of 2008.

Honolulu's positioning also was markedly better than metro areas in California and Florida, which accounted for 16 of the top 20 metro foreclosure rates. One in every 25 Stockton, Calif., households received a foreclosure filing during the quarter -- nearly seven times the national average -- and one in every 32 Riverside-San Bernardino, Calif., households received a foreclosure filing during the quarter -- more than five times the national average. Las Vegas, Miami and Detroit also showed market weakness.

Nationally, RealtyTrac reported that 739,714 properties were foreclosed on during the second quarter, which represented a 13.9 percent increase from the previous quarter and a 121.4 percent increase from the second quarter of 2007. The report indicates that one in every 171 U.S. households received a foreclosure filing during the quarter.

"Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.

By state, Hawaii's second-quarter foreclosure rate ranked 41st, which was an improvement over its first quarter ranking of 44th. During the second quarter, Hawaii posted 496 foreclosures, or one for every 1,008 households, the company said. Nevada, California and Arizona posted the top state foreclosure rates during the second quarter.

Second-Quarter Foreclosure Rates EVERY % CHANGE CITIES 1 HOUSEHOLD 2nd QTR '07 1. Stockton, Calif. 25 +170.6% 2. Riverside/San Bernardino, Calif. 32 +193.4% 3. Las Vegas/Paradise, Nev. 35 +143.7% 4. Bakersfield, Calif. 41 +294.8% 5. Sacramento, Calif. 49 +125.5% 100. Honolulu 1,331 +63.4% EVERY % CHANGE STATE 1 HOUSEHOLD 2nd QTR '07 1. Nevada 43 +146.8% 2. California 65 +197.8% 3. Arizona 70 +272.3% 4. Florida 78 +294.8% 5. Colorado 129 +50.7% 41. Hawaii 1,008 +82.4% -- U.S. 171 +121.4% Source: RealtyTrac