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Sharp Decline in Hawaii Foreclosure Rates

More good news for the housing market and the economy.
September 23, 2011

Sharp Decline in Hawaii Foreclosure Rates

Sharp Decline in Hawaii Foreclosure Rates

By Mark Harbison

The economy isn't perfect, but conditions continue to improve on both the state and national level, particularly with regard to foreclosures.

In Hawaii, for example, the number of properties with foreclosure filings fell steeply for the month of August, compared with the same month last year.

According to RealtyTrac, here were 413 home foreclosure filings last month, which was a whopping 75 percent drop from August of 2010. July saw 6 percent fewer foreclosures, but the year-over-year comparison is incredible. The breakdown provided by the report indicated that the 413 filings consisted of 288 notices of default, 23 public auctions and 102 bank repossessions.

Now Hawaii has fallen to No. 32 in the country, based on foreclosure rates. As you might have known, Nevada and California are at the top of the list, as they were hit really hard by the foreclosure crisis. As far as the national average goes, progress was made there as well. Foreclosure filings fell by 33 percent.

As those who are familiar with the mechanics of the housing market know, as foreclosure rates continue to slow and distressed inventory is bought off the market, those highly affordable properties will begin to dwindle and home prices overall will begin to climb again. As they say, there is no bell that rings when the market hits the bottom. The steep decline in the rate of foreclosures should tell us something about whether those interested in buying Maui real estate should wait longer in hopes of better prices.

If you are in the market for a South Maui property, you can browse our carefully categorized listings based on location, or you can use our Maui mls search tool to use your own specific criteria to find what you are looking for. If you need any assistance, you'll find our contact information at the bottom of the page. Mahalo!

Blogs for September 2011

Safe Maui Water Catchment Systems

Posted on September 30, 2011
Safe Maui Water Catchment Systems

By Mark Harbison

One of the most important components to a safe and healthy home is your water source. Water is precious, and even here on Maui, where non-locals might expect plenty of potable water due to tropical, rainy conditions, we have our droughts too. As you search for… Continue Reading

Sharp Decline in Hawaii Foreclosure Rates

Posted on September 23, 2011
Sharp Decline in Hawaii Foreclosure Rates

By Mark Harbison

The economy isn't perfect, but conditions continue to improve on both the state and national level, particularly with regard to foreclosures.

In Hawaii, for example, the number of properties with foreclosure filings fell steeply for the month of August, compared with the same month last… Continue Reading

New Hawaiian Flight Between Maui and San Jose

Posted on September 16, 2011
New Hawaiian Flight Between Maui and San Jose

By Mark​ Harbison

News has come down the pipeline that Hawaiian Airlines has added a nonstop flight between San Jose, California and Maui, which will begin service in January. This also happens to be Hawaiian's first nonstop service from San Jose to Kahului.

Adding this… Continue Reading

Maui Wind Power Project Challenges

Posted on September 09, 2011
Maui Wind Power Project Challenges

By Mark Harbison

Being environmentally responsible can be difficult, even when you are being environmentally responsible. For example, a wind power project in the Kahikinui area of southeast Maui has been tasked with the difficult process of assessing their future impact on endangered petrels and endangered Hawaiian… Continue Reading

South Maui Marine Science Class for Young Children

Posted on September 02, 2011
South Maui Marine Science Class for Young Children

By Mark Harbison

If you are the parent of a child between the ages of 3 and 5, and you'd like to introduce them to the wonders of Maui's marine life, the Pacific Whale Foundation is offering four classes and a "Seafari" field adventure… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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