Foreclosures in Honolulu surge
According to a report in the Honolulu Star, the number of properties in the city that were foreclosed on by banks in the first six months of the year rose more 70 percent from the same period in 2009. The report, which cited regional statistics from the real estate research firm RealtyTrac, found that there were 2,784 foreclosure filings in Honolulu, an increase of 72.3 percent. In all, one out of every 121 homes in Hawaii’s capital is in some stage of foreclosure.
“Those numbers are consistent with what we’re seeing in our office,” Honolulu foreclosure attorney Chris Goodwin told the paper. “I would have been surprised if it was anything less than a 50 percent increase. We’re seeing no signs of stabilization in the number of foreclosure based on our experience.”
The report said that the rate of unemployment is a bit low at 5.8 percent – especially when compared with the national average – but that doesn’t include the thousands that are in part-time jobs or stopped looking for work. When those people are factored in, the rate climbs to 15.8 percent.
An editorial in the Star-Advertiser said that many Hawaii residents have lost their homes because the state is one of 30 that allows mortgage lenders to bypass courts when foreclosing on homes, and put them up for auction within a relatively short time.
Similar Posts:
- Report shows one-fifth of U.S. mortgages underwater
- More new credit cards issued in 2011
- Millions stop paying for houses but aren’t evicted
- JP Morgan Chase to continue foreclosure filings
- Lenders continue to face scrutiny over faulty foreclosure documents
Recent Comments