Business

Foreclosure Starts Picking up as Overall Rates Fall

August 10, 2012, 2:13 PM HST
* Updated August 10, 3:05 PM
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Overall foreclosure activity across the country decreased on a year-over-year basis for the 22nd consecutive month, but the number of foreclosure starts in Hawaii is on the rise, according to Realtytrac’s U.S. Foreclosure Market Report for July 2012.

Last month, there were a total of 214 properties with foreclosure filings in the state, or one for every 2,428 housing units, according to the California-based real estate research firm.

That figure places Hawaii 38th in the country for foreclosure filings, compared to first place California where 1 in every 325 housing units is in foreclosure.

Compared to July 2011 when there were 390, the number of foreclosures in Hawaii last month fell by 45%.

However, foreclosure starts increased considerably from the previous month. Statewide there were 158 notices of default, i.e. foreclosure starts, in July, which was more than double the amount reported in June. Of those 158 defaults, 40 were on the Big Island, 67 were on Oahu, 36 in Maui County, and 15 on Kauai.

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While there were no notices of public auction in July on the Big Island, a third of all bank repossessions statewide occurred in Hawaii County. Of the 49 total bank repossessions, 17 — or 34% — were on the Big Island, with 19 on Oahu, nine in Maui County and four on Kauai.

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