Hawaii ranks low in foreclosures
Pacific Business News (Honolulu) - by Janis L. Magin
Hawaii lags far behind the most of the Mainland in the number of foreclosure actions filed, according to a report released Monday that found foreclosure filings in the United States were up 30 percent in the first six months of 2007.
The midyear U.S. Foreclosure Market Report by Irvine, Calif.-based RealtyTrac found there were 925,986 default notices, auction sale notices and bank repossessions on 573,397 properties from January to June of this year.
That meant a rate of one foreclosure filing for every 134 households in the United States, according to the report.
Hawaii, which was ranked 43rd on the RealtyTrac list, posted a rate of one filing for every 925 households. There were a total of 531 foreclosure filings on 435 properties in Hawaii during the first six months of the year.
"Despite a slight drop in June, foreclosure activity shows no sign of slowing down," RealtyTrac CEO James J. Saccacio said of the national numbers.
Based on the rate for the first half of the year, the U.S. could see the number of foreclosure filings pass 2 million for 2007, which would be a year-over-year increase of 65 percent, he said.
Nevada had the nation's highest foreclosure rate with one foreclosure filing for every 40 households, a total of 25,208 foreclosure filings on 14,687 properties, the report found, followed by Colorado and California.
California had the highest numbers of total foreclosure filings and numbers of properties, followed by Florida and Texas.
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