Delinquencies and foreclosures
Nearly 14,000 homes in Hawaii were in some form of foreclosure (default,
auction, or real estate owned) in 2010, according to foreclosure activity
estimates from Attom Data Solutions. That number dropped to 7,300 in
2011, and again to 3,700 in 2012. After averaging around 2,600 in 2014
and 2015, however, foreclosure filings inched up to 3,351 in 2016, in part
due to a spike in auctions.
Hawaii’s 1.7 percent foreclosure-inventory rate was nearly twice the
national rate of 0.8 percent, in CoreLogic’s October 2016 National
Foreclosure Report. Only New York and New Jersey, two states with
notoriously high foreclosure numbers, had higher inventory rates in
the report. Another 3.1 percent of Hawaii mortgages were seriously
delinquent as of this past October.
Hawaii proved to be much more recession-proof than the mainland
over the past 10 years. The state’s unemployment rate peaked at 7. 3
percent in May 2009 and stayed above 7 percent for most of 2009 and
2010. During those two years — and for almost another year after that
— the U.S. unemployment rate was above 9 percent, reaching 10 percent in October 2009.
The county of Honolulu, which encompasses the island of Oahu, fared
even better, reaching 6. 7 percent for one month — June 2009 — but
hovered around or just below 6 percent during the worst months of
the Great Recession. As of November 2016, the state’s unemployment
rate was 3 percent, more than 1.5 percentage points lower than the
Sources: Attom Data Solutions, CoreLogic, go-Hawaii.com, Hawaii Association of
Realtors, Hawaii Department of Agriculture, Hawaii Department of Business, Economic
Development & Tourism, Hawaii State Info, Hawaii Tourism Authority, Honolulu Board
of Realtors, Realtors Association of Maui Inc., livability.com, to-Hawaii.com, UHERO, U. S.
Bureau of Labor Statistics, U. S. Census Bureau
Will McDermott is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6061 or email@example.com.
Nestled around a bay on the northeast coast of the “Big Island” of
Hawaii, Hilo is the major seaport for the island. The gateway to the
Hawaii Volcanoes National Park, Hilo also boasts the breathtaking
scenery of Rainbow Falls and the Liliuokalani Gardens. With median home prices around $300,000, Hilo is one of the most affordable
tropical paradises in the state.
Located on the north shore of Pearl Harbor, Pearl City overlooks an
important part of Hawaiian history. This city of 48,000 people is only
11 miles west of downtown Honolulu, providing easy access to the big
city’s amenities, but at a lower cost. The median price of a home in Pearl
City is $592,200, which compares favorably to the $824,700 median
home prices in East Honolulu.
Nearly a third of Maui’s population lives and works in Kahului on
the north coast of the island. Home to Maui’s main airport and seaport, Kahului also is a retail center for the island. Centrally located
Kahului grants easy access to all of Maui’s attractions, while still providing
big-city amenities and cultural events. The median price for a home in
Kahului is $485,000.
3 Cities to Watch
Hawaii Foreclosure Filings
Source: Attom Data Solutions
REO Auction Default
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