Last month foreclosures in Hawaii soared as over 1,400 homes received foreclosure notices—a 34% increase from March. Oahu came out strongest, with one in every 580 homes. Maui saw one in every 187 and the Big Island one in every 179 homes. On Kauai, there was one foreclosure in every 313 homes. Although the number of borrowers losing their homes is still rising in areas like Hawaii, we can be thankful that the national filings have begun to plateau. From a national perspective, April was the first month with an annual decline in foreclosure filings according to RealtyTrac CEO James Saccacio. Although there has been reports of the economy turning around, the backlog of foreclosures will take a long time to set forth.
The AssociatedPress video segment explains further the economic turnaround:
Hawaii’s Monthly Foreclosures in 2010
Month Total Change
April 1,474 +115.5%
March 1,097 +51.5%
February 972 +81.0%
January 1,302 +286.4%
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