Hawaii Witnessed Least Foreclosure Activities

Posted on August 13th, 2007 by hinson

Foreclosure activity is on a rise in the entire US. In certain parts of the US, the rate at which foreclosure is taking place is frightening. When the entire nation is seeing such a dreadful situation, Hawaii is an exception with least foreclosure activities. According to the RealityTrac, Hawaii lies at the 43^rd position in the listing of foreclosed homes.

During the first part of the year 2007, US witnessed an increase of 30% in the rate of foreclosure, thereby alarming the nation of the worst conditions that are constantly taking place. According to the latest U.S. Foreclosure market mid year report, there were near about 925,986 houses on default that had to face the consequences of the foreclosure activity. During the period between January and June, the banks took the possession of almost 573,397 foreclosed properties. This has brought forth the fact that, almost one out of every 134 households in the US is being auctioned.

It is quite satisfactory to see at least one US state lagging behind in terms of the foreclosure activities. According to the report submitted by RealityTrac, there is one foreclosure filing for approximately 925 households in Hawaii, which is quite less as compared to the other states in the US. In the first 6 months of the year 2007, there were near about 531 foreclosure filings on 435 homes in Hawaii. There was a slight downfall in the rate of foreclosure in the month of June. However, the rate of decline was not very significant.

James J. Saccacio, the CEO of RealtyTrac said that, in the year 2007, the foreclosure filings have increased over 2 million, which means a surge of almost 65 percent. Nevada has topped the number of foreclosure activities with one filing for every 40 houses. It means that there are nearly 25,208 foreclosure filings on 14,687 households. The maximum number of foreclosure filings was in California. In fact, according to the latest reports, California had the highest number of foreclosed properties. Florida and Texas have occupied the next top positions. Hawaii is the only one place, where foreclosure is taking place at a slow rate.

Via