According to RealtyTrac, Hawaii’s foreclosures have fallen by 16 percent in the first quarter compared with the same period last year. Foreclosure filings included 2,564 properties, which comes out to one in every 201 housing units. RealtyTrac included auction notices, bank repossessions and notices of default in the data collection that made up these statistics.
On the national level, statistics marked an even sharper decline in foreclosures, with filings falling 27 percent in the first quarter of 2011 compared to the same period in 2010.
More interesting is RealtyTrac’s report for Hawaii in the month of March. Foreclosure filings were 37 percent lower than they were the March before. There were only 691 filings, which means one for every 746 housing units. The overall trend is extremely promising, but the decline in March is especially heartening.
If you have been following the housing market and keeping up with prices as they relate to foreclosure inventory, you are probably already aware that prices are expected to recover when the foreclosure and REO property becomes scarce again. Distressed real estate keeps prices low, which has been beneficial to the opportunistic and shrewd buyer, but they will not be low forever. As always, it is a good idea to make your decisions based on long-term trends, not drastic changes that you might see in a specific month.
If you are interested in taking advantage of affordable real estate on Maui, we can assist you. We specialize in South Shore Maui real estate, but our agents can guide you to the best Maui home for your needs no matter where it is on the island. You’ll find our contact information at the bottom of the page. Mahalo!