November 18, 2011
Foreclosures in Hawaii fell by an astonishing 66 percent last month, compared to the same month last year. What an enormous change. According to data from RealtyTrac, there were a total of 427 properties with foreclosure notices in October, which includes notices of default, public auctions and bank repossessions.
The number of foreclosures was 3 percent higher than in September, but there were three times more in October of 2010. The 427 properties accounts for one out of every 1,208 housing units.
As far as an explanation of why foreclosures have fallen so steeply, analysts point to the new state law that was passed in order to reform the nonjudicial foreclosure process in Hawaii, which went into effect in May.
National filings fell by 31 percent, meaning Hawaii saw twice the improvement that the national average saw. Also, the national average in foreclosures was 7 percent higher compared with September, as opposed to our 3 percent.
It’s great to hear that Hawaii is ahead of the curve, and there was another bit of heartening news recently. According to a poll by Harris Interactive, which surveyed 2,463 adults in the U.S., Hawaii is the number one state that people would prefer to live in, aside from the state in which they currently reside. California was first for a long time, but we’ve finally passed them up, and it’s no surprise.
As far as the Maui real estate market is concerned, all of this is good news. If you are one of those considering a Maui real estate purchase, you’ll find my contact information at the bottom of the page. I would be happy to assist you in finding the right Maui property for your needs. Mahalo!