Honolulu foreclosure rate is 150th nationwide


POSTED: Wednesday, April 22, 2009

Honolulu's foreclosures jumped 350.97 in the first quarter as the metro area reflected the larger problem facing the housing market statewide.

The latest data from RealtyTrac yesterday comes on the heels of another report issued by the firm last week that shows Hawaii's foreclosure activity rose a staggering 503 percent in March, the ninth consecutive month of double-digit increases.

With a total of 699 foreclosure filings for the first quarter — or one out of every 479 homes — Honolulu still ranked No. 150 out of some 200 metropolitan areas included in the study.

Approximately 0.21 percent of Honolulu housing units filed for foreclosure during the first quarter, which is 11.3 percent higher than it was in the fourth quarter of last year.

California, Florida, Nevada and Arizona accounted for the 26 highest foreclosure rates among metro areas with a population of 200,000 or more.

The top metropolitan foreclosure markets were Las Vegas, which ranked No. 1, followed by Merced, Calif., and Cape Coral-Fort Myers, Fla.

James J. Saccacio, chief executive of RealtyTrac, said the study paints a picture of concentrated problems in a relatively small number of hard-hit areas. Sales activity appears to be increasing in some of these markets as home prices have fallen, he said. Other markets, however, are expected to rise up the ranks as unemployment rates surge throughout the U.S.

While Honolulu still ranks near the bottom of the list, it recorded one of the nation's 10 highest percentage changes from the first quarter of last year.




Top U.S. metro foreclosure markets


        Ranked by the percentage of housing units in that area filing for foreclosure.

 Percent Change from Q1 '08
1. Las Vegas-Paradise, Nev.+103.93%
2. Merced, Calif.+46.75%
3. Cape Coral-Fort Myers, Fla.+36.11%
4. Stockton, Calif.+11.51%
5. Riverside-San Bernardino-Ontario, Calif.+36.64%
150. Honolulu +350.97%

        Source: RealtyTrac