The State of Foreclosures in Hawaii

Despite being the most recent state in America, Hawaii is among the states with low rates of foreclosures at 2 in every 50 houses. This makes it the second State in America with least number of foreclosure just behind Texas with 1 in every 50 houses. According to the reports at the end of year 2013, the recorded was the second best just falling behind Texas making it an improvement in this department of real estate in US. This has led to an increase in the number of home developers going to the state to make investments. Many foreclosures were recorded highest in the following counties namely County of Honolulu, Maui County, Kauai County, Kalawao County, and Hawai’i County while other counties recording as low as zero.

Despite the rate of foreclosure in Hawaii being the second lowest after Texas in the year 2013, it is still very low compared to the nationwide rate of 12 percent according to the year 2013 statistics. In addition, 10 percent of the residents dropped their court fillings thus lowering the rate of foreclosures even more. According to the statistics of the end of year 2013, the largest counties in Hawaii namely County of Honolulu, Maui County, Kauai County, Kalawao County, and Hawai’i County dropped their foreclosure activities by 4 percent, 6 percent, 5.5 percent , 3.8 percent and 6.5 percent respectively. In general, this led to a decrease of 5 percent making the highest ever decline that the state has ever recorded in its history.

The bank repossessions has also decreased by over 40 percent in last year, which was the best in the entire US. Only 1000 properties in Hawaii were under notification that the owners had filed cases for foreclosures. This was the lowest in the entire country when compared to many other states such as Florida with 23,372 properties. However, scheduled auctions and bank repossessions were the common foreclosure activities recorded within the state.

By the end of the year 2013, Hawaii had enjoyed the lowest rate of foreclosure for the people living in the state. This was also a boost for the investors who have identified it as a best real estate market for the people looking for new homes. When compared to end of the year 2012, the rate of foreclosure was low in Hawaii, but the rate was the best ever recorded for this youngest State in America. The government has also promised to keep coming up with new legislation that will help the real estate sector of the State grows faster, according the New York Times newspaper. With the rate, Hawaii is likely to even do better this year when compared to the current prevailing statistics.

Today, the real estate sector in Hawaii is among the best performing sector of the economy. In addition, many real estate investors have also increased their focus to make sure that buyers get what they need at the same time reducing the rates of foreclosures to less than 1 percent at the end of the year 2014. In the end, the reduction in the number of foreclosures cases will make the state number one state in America.

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