Foreclosure Filings for Hawaii

When we speak to buyers many are looking for Foreclosures so I thought I would give you an update on the filings for Foreclosures in the State of Hawaii. Filings are different from actual foreclosed homes which are listed as REO. Many homes that are foreclosed on are sold prior to being listed as REO at Auction so buyers can obtain property at auction too. Fine Island Properties Team can assist our mainland buyers by being your representative at the auction. Buyers just be prepared to place usual minimum of 10% down.

In November state wide their were 872 filings up from last years 393 number. (figures from Realty Trac). This is slightly skewed as it counts filings which can reoccur on a property. Lender repossessions (future REO) accounted for 196 of the filings. The Fine Island Properties Team has listed 3 REO's in the last month. Default notices were at 96 as compared to 76 from a year ago.

Per the Honolulu Advertiser local attorneys feel this number is low as many defaults are not handled through the courts and sometimes aren't publicly available. Realty Trac also includes numbers that are for commercial property, condotels, and time shares which can paint a much broader picture. At Fine Island Properties we see more Investor buyers in trouble than Maui residents who live in their homes although due to the tough economic times we are seeing signs that direction too. Demand for Real Estate is up but we feel due to more layoffs, furloughs, and tax reductions the sellers on Maui are still up for a challenge.

Hawaii is ranked 15th worst in the nation with one filing for every 581 homes, but better than the national rate at 1 per 417 homes and much better than the worst: Nevada at 1 in every 119 homes. Oahu has 1 in 905 homes , followed by Kauai at 1 in 379 homes, then the Big Island at 1 in 341 homes with Maui being the worst at 1 in 330 homes.