In a recent article sourced from Realty Trac, January foreclosure data in Hawaii and the mainland was reported. As a state, there were 337 filings in the month, more than double than the Jauary 2008 count of 123. Before August 2008, the average monthly amounts had been 149. As you can see from the chart, August launched the increase in filings and is directly attributed to the crisis that occurred in the national and global financial markets.  



                                                                         

Of the state totals, Oahu (Honolulu County) had the highest count of filings at 152 but the lowest per household of one per 2,203. The other counties had per household filings of closer to one per 1,000 households. 

As a total of the national filings, we continue to be a very small amount with the National total at 274,399 in the month of January alone. The statewide average of one per 1,504 households was significantly better than the national average of one filing per 466 households. 

What I found to be the most interesting part of this report was the fact that until August 2008, the filings in Hawaii had continued to be well below the 300 to 400 per month that had been seen in the housing slump of the mid 90's. At our current levels, we find ourselves within a similar level of activity. 

The numbers are staggering! When you think of 274,000 households being faced with foreclosure in a single month, it is impossible to not think of the national tragedy it represents. If home ownership is/was the American dream, is not over 1/4 million people losing that dream in a single month something that was unimaginable only a year or two ago? 

Another thing that I find frightening in my own market area is the following. On Oahu, there are currently 70 single family homes and 54 condos/townhouses being offered for sale as lender owned and foreclosure properties. There are 222 single family and 226 condo/townhouses that are currently being offered as short sales. That is equal to over 572 properties that are either in or possibly heading toward foreclosure. That compares with the total of all properties closed on Oahu in January of 281. We currently have a 2 month inventory of just distressed property. I find that distressing. 

My business involves all of the above. Both my office and myself work very closely with lenders who are the owners of foreclosed properties and with purchasers who purchase them. Based on what we see on the horizon and the time it requires for lenders to place the homes on the market once the foreclosure has occurred, I feel that we are only looking at the tip of the iceberg in the numbers above. If you have more questions on the subject, please feel free to contact me Here .