The great state of Hawaii has kicked off 2013 with a 61 percent drop in January foreclosure filings, according to California-based RealtyTrac. Only 253 properties submitted foreclosure filings compared to 652 in the same month last year. In the report, foreclosure filings included notices of default, scheduled auctions and bank repossessions.
Now we are at one foreclosure for every 2,014 housing units statewide, which is a substantial step in the right direction. Maui is still a bit higher than the other islands, with one foreclosure for every 1,288 housing units, while Kauai had one foreclosure in every 1,553 units, followed by the Big Island with one in every 1,624 units. Oahu came last, with one foreclosure in every 2,585 units.
Regardless of Maui’s performance versus the other islands, the improvement is a good sign, and Maui had far fewer foreclosures than the national average, which was one foreclosure in every 869 housing units. The nation’s foreclosure filings fell by 7 percent, compared with January of 2012, so even though Hawaii is ahead of the curve, we should also be encouraged by the nation’s positive trends.
Thirty five states had higher foreclosure rates than Hawaii, and 14 states had lower foreclosure rates. That’s pretty good, considering that some are skeptical of their ability to afford to buy a home on Maui. You might be surprised. Other states may sound like a more pragmatic option, until you study and compare the economic conditions of each state, and while we specialize in luxury homes on Maui, there are plenty of affordable ones to choose from. If you need assistance, you’ll find our contact information at the bottom of the page. Mahalo!