Hawaii’s foreclosure rate falls

The number of Hawaii foreclosures fell last month. There were a total of 706 properties that had foreclosure filings against them, which was down from 816 in May according to California based RealtyTrac. The number of foreclosures is still elevated from the previous year and still puts Hawaii in the top 20 states with the highest foreclosure rates. Hawaii’s foreclosure rate is one filing per 718 homes is far and away much better than Nevada’s one in 59 homes. Nevada current has the nation’s worst foreclosure rate.

Honolulu county, which includes all of Oahu had the lowest foreclosure rate in the state with one foreclosure per 1,131 properties.

“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” James Saccacio, RealtyTrac chief executive officer, said in a press statement.  “Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes … represent a potentially significant future risk.”

This drop in foreclosure numbers may possibly be signally a bottoming in the number of foreclosures for Hawaii.