Sharp Decline in Hawaii Foreclosure Rates

September 23, 2011

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!

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