Hawaii ranks 40th in foreclosures

Hawaii ranked 40th in the nation last month in the number of foreclosure filings, according to new figures.

But the state saw a more than 100 percent increase in the number of foreclosure actions last month when compared to September 2006, according to the figures released Thursday by RealtyTrac.

Hawaii had 135 foreclosure actions in September, or one for every 3,638 households, according to the Irvine, Calif.-based company, which tracks foreclosures and bank-owned properties.

While it was a 114 percent increase over the same month last year, it is still far below Nevada, which had the highest rate in the nation at one foreclosure actions per 185 households.

Florida followed in second place with one foreclosure for every 248 households. California had one for every 253 households.

The national rate was one foreclosure action per 557 households, based on a total of 223,538 filings.

Broken down, Hawaii's 135 filings included 13 notices of default, which is the first step in the process, 118 notices of trustee sale and four bank-owned properties.

States with foreclosure rates lower than Hawaii's were Wyoming, Maine, Alabama, South Carolina, Montana, Mississippi, West Virginia, North Dakota, South Dakota and Vermont.

Article Source http://www.bizjournals.com/pacific/stories/2007/10/08/daily41.html