More Island homeowners headed toward foreclosure
Advertiser Staff
The number of Hawai'i homes on the path to foreclosure roughly doubled during the third quarter, compared with the same three months last year, according to real estate research firm RealtyTrac Inc.
There were 313 properties in the foreclosure process during the July-September period, up 106 percent from 152 properties a year earlier.
The increase was slightly higher than the national average growth rate of 100 percent. Foreclosures are rising nationwide because many consumers can't keep up with mortgage payments and face difficulty trying to refinance or sell their property as the housing market slows and prices drop in some areas.
But Hawai'i's rate of foreclosure filings — at one per 1,345 households — was 10th lowest among states.
Hawai'i has maintained relatively low foreclosures thanks to mostly stable home prices and a strong job market. Local lenders also say borrowers generally were more conservative, and didn't take out as many of the riskier loans as in some Mainland markets.
Hawai'i's rate of foreclosure filings was based on 365 filings, up 131 percent from 158 a year earlier.
Irvine, Calif.-based RealtyTrac publishes monthly reports counting a range of document filings in the foreclosure process, from default notices to auction notices and bank repossessions. The counts often include multiple filings for the same property. The quarterly report counted foreclosures by both filings and properties.