According to a report released by RealtyTract, the number of foreclosures filed in the state of Hawaii during the month of May 2012 was the lowest it has been in four years. The report noted that there were 267 filings last month, which was a 70 percent decrease from the 900 filings that were filed during the same month a year prior. Industry experts feel that this drastic decrease in foreclosuring filings has more to do with the Act 48 law that was passed in May 2011 then a significant upswing in the state’s economy.
Act 48 provides homeowners with additional consumer protections from lenders. Included in the law is a mediation program and tough penalties against lending institutions if they violate stricter procedures. The state legislature will be reviewing Act 48 and plans to make some changes through House Bill 1875.
Across the state, Hawaii had one foreclosure filing out of every 1,946 households during the month of May 2012. Honolulu County had the lowest filing rate at one filing per 3,035 households. Kauai County had one filing per 1,419 households. Maui County had one filing per 1,173 households and Hawaii County (Big Island of Hawaii) had one filing per 1,098 households.
Source: Honolulu Star Advertiser, 6-14-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
