HAWAI'I LIFEHawaii Foreclosures up 121.9% in November
Hawaii is now ranked 15th in the nation for foreclosures.
Once again our foreclosure rate has increased over last year. In November it was up 121.9% according to an article in the Star Bulletin quoting stats from RealtyTrac. Kailua-Kona on the Big Island led the state with the highest number of foreclosures, followed by Kihei, Maui and then Ewa Beach here on Oahu.
Oahu still has the lowest foreclosure rate. Maui leads the state, followed by the Big Island, then Kauai. It appears the majority of the foreclosures are taking place around the resorts or second home markets.
We at Hawaii Life have REO agents on Maui, the Big Island, Kauai and here on Oahu to help lenders sell their assets. It would also be smart to team up with a buyer’s agent to keep an eye out for these listings as they sell fast!
Incredible stats. The Maui real estate market statistics show an amazing trend, too. I’m hearing that REO sales on Maui made up well over half of the sales in 2009.
Kind of scary stats David. However I’m glad to see that inventory is down to a 4 year low right now. I don’t know what banks are doing with those foreclosures, but I don’t see them selling at all. Where are they I wonder?