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Hawaii foreclosures soar 503 percent

By Allison Schaefers

POSTED: 06:29 p.m. HST, Apr 15, 2009

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Hawaii's foreclosure activity rose a staggering 503 percent in March, the ninth consecutive month of double-digit increases for the state, according to RealtyTrac.

One out of every 700 households in Hawaii, or 724 homeowners, experienced a foreclosure filing last month. March was such an active month for foreclosures that it represented 47 percent of Hawaii's quarterly foreclosure activity.

"Hawaii has always been behind the mainland a little bit and we are seeing signs that it is starting to catch up in regard to foreclosures," said Blomquist.

As foreclosures in the state have ramped up, so has the state's ranking . A year ago, Hawaii ranked No. 26 among all states for foreclosure activity. Now, it's 44th, Blomquist said.

"Hawaii's foreclosure activity is getting more serious," he said.

The number of foreclosures and short sales has grown in Hawaii as buyers who took on more debt than they could afford have begun to pay the price. The state's declining economy and rising jobless rate also has pushed foreclosures higher.

"Foreclosure activity is going to continue to grow in Hawaii," Blomquist said.

However, the state's finite supply of housing inventory will likely keep foreclosure activity from skyrocketing to the top of the nation, he said.

"We don't think Hawaii is ever going to be in our top 10 ranking," he said.


Hawaii's foreclosure activity rose a staggering 503 percent in March, the ninth consecutive month of double-digit increases for the state, according to RealtyTrac.


One out of every 700 households in Hawaii, or 724 homeowners, experienced a foreclosure filing last month. March was such an active month for foreclosures that it represented 47 percent of Hawaii's quarterly foreclosure activity.

"Hawaii has always been behind the mainland a little bit and we are seeing signs that it is starting to catch up in regard to foreclosures," said Blomquist.

As foreclosures in the state have ramped up, so has the state's ranking . A year ago, Hawaii ranked No. 26 among all states for foreclosure activity. Now, it's 44th, Blomquist said.

"Hawaii's foreclosure activity is getting more serious," he said.

The number of foreclosures and short sales has grown in Hawaii as buyers who took on more debt than they could afford have begun to pay the price. The state's declining economy and rising jobless rate also has pushed foreclosures higher.

"Foreclosure activity is going to continue to grow in Hawaii," Blomquist said.

However, the state's finite supply of housing inventory will likely keep foreclosure activity from skyrocketing to the top of the nation, he said.

"We don't think Hawaii is ever going to be in our top 10 ranking," he said.

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