Hawaii’s Foreclosure Rate up 145 Percent

135 foreclosures last month may not sound like a lot, but given Hawaii’s size it’s devastating. Amounting to one filing for every 3,638 households for Hawaii.The Hawaii’s housing market ranked 40th in the rate of foreclosure filings nationwide last month. This rating is based on a report released earlier this month by RealtyTrac, an independent real estate research firm. This research was based off of September’s numbers when compared to the previous year. It also found that the rate of foreclosure filings in Hawaii were growing faster than the national average. Daren Blomquist, the marking communications manager for RealtyTrac, stated “It’s not too much above the national average, but the fact that the rate of foreclosures is increasing in Hawaii means that there are more people in Hawaii that are having problems paying their mortgages” he added “I don’t want to minimize the problem that these people are having by saying that it’s lower than in other states.”

The top states on the list continued to be Nevada, California, and Florida. RealtyTrac tracks more than 1 million properties from 2,500 counties across the country for MSN Real Estate, Yahoo Real Estate, and the Wall Street Journal’s Real Estate Journal. Nationally foreclosures in September are up 99 percent from last years numbers, but down 8 percent from the 32 month high in August.

To read more about Hawaii mortgage woes up, head on over to the Star Bulletin.