Foreclosures 9 Percent Lower in September 2014

According to a report issued by the state Judiciary, foreclosures decreased by 9 percent in September 2014 as compared to the same month a year prior.  There were a total of 188 foreclosure lawsuits filed, which was an increase from the 131 that were filed in August and the 160 that were filed in July.

In 2012 there was an amendment to the state foreclosure law that required that attorneys must affirm in writing that they communicated with a representative of the lender pursuing foreclosure, and confirm the accuracy of allegations along with any supporting affidavits and notarizations in the lawsuit. Attorneys also must name lender representatives with whom they communicated and on what date.  This amendment has brought the number of foreclosures down significantly, but experts believe that cases will increase once lenders have adjusted to this requirement.

Source: Honolulu Star Advertiser, 11-29-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Only 122 New Foreclosure Cases Filed in June 2014

According to the state Judiciary, there were only 122 new foreclosure cases that were filed statewide in June 2014, down significantly from the 219 that were filed during the same month in a year prior.  However, local foreclosure attorneys believed that this massive decrease is probably due to a recent tweak to the state foreclosure law which states that the lenders' attorney must submit written affirmations stating that the lawsuits contain no false statements. The foreclosure industry speculates that there will be additional new cases once attorneys and lenders are able to adjust to this new change.

Source: Honolulu Star Advertiser, 8-12-2014, www.staradvertiser.com
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Foreclosures Decrease to 79 Filed in May 2014

According to a report issued by the state Judiciary, there were only 78 new foreclosure suits that were filed statewide in May 2014.  This is less than a fourth of the 346 new cases that were filed during the same month a year prior and even much lower than the 211 to 250 new cases that were filed during the first four months of this year.  Experts are not sure why the rapid drop occurred, though the fact that Hawaii's economy is improving is helping homeowners maintain their financial health and stay out of mortgage trouble.

Source: Honolulu Star Advertiser, 7-12-2014, www.staradvertiser.com
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Foreclosures and Mortgage Delinquencies Decrease in April 2014

According to a report issued by the state Judiciary, there were just 191 new foreclosures cases that were filed in Circuit Court during April 2014.  This was a significant decrease from the 397 new cases that were filed during the same month a year prior.  Furthermore, CoreLogic Inc., a financial services firm, noted that only 4.9 percent of Hawaii homeowners were at least 90 days overdue on their mortgage payments, as compared to 5.9 percent from the same month in 2013.  Experts are pointing to these two indications as signs that Hawaii's economy is improving and state that Hawaii's lower unemployment rates, fewer bankruptcies, rising personal incomes, and higher real estate values are the reason why these numbers are decreasing.

Source: Honolulu Star Advertiser, 7-5-2014, www.staradvertiser.com
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Number of Hawaii Foreclosures Rise by 3% in 2013

According to a report released by the state Judiciary, there were a total of 3,430 foreclosure cases in the state of Hawaii in 2013.  This represented a 3 percent increase from the 3,326 cases that were filed a year prior. However, industry experts noted that the first few months of 2013 started off with a high number of cases and were greatly reduced towards the end of the year.   They also noted that in 2012, the state law had changed, requiring an attorney to attest to the accuracy of all foreclosure documents filed by lenders in court, creating a dramatic decrease in filings for several months until lenders were able to adjust to the new law.  A more meaningful picture of Hawaii's foreclosure trends should be seen by the end of 2014.

Source: Honolulu Star Advertiser, 2-5-2014, www.staradvertiser.com
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Hawaii Foreclosure – New Cases Decrease in March 2013

According to a report issued by the state Judiciary, there were a total of 362 new foreclosure cases filed in March 2013. This was a decrease from the 404 cases that were filed in March 2012 and also a decrease from the 390 cases filed in February 2013. However, foreclosure experts caution that these numbers are slightly skewed due to two major overhauls in foreclosure law that occurred in 2011 and 2012 respectively. These changes to the law required attorneys to be responsible for the accuracy of all case documents submitted by lenders, making it much more time consuming for lenders to file court cases. As a result, experts state that it may be several more months before a clear understanding of the foreclosure market can be truly understood and trends predicted.

Source: State Judiciary

362 Foreclosure Cases – March 2013
390 Foreclosure Cases – February 2013
388 Foreclosure Cases – January 2013
341 Foreclosure Cases – December 2012
327 Foreclosure Cases – November 2012
196 Foreclosure Cases – October 2012
58 Foreclosure Cases – September 2012
59 Foreclosure Cases – August 2012
75 Foreclosure Cases – July 2012
458 Foreclosure Cases – June 2012
397 Foreclosure Cases – May 2012
382 Foreclosure Cases – April 2012
404 Foreclosure Cases – March 2012
345 Foreclosure Cases – April 2012

Source: Honolulu Star Advertiser, 4-30-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Leeward Coast Real Estate – Foreclosure Lawsuit Filed Against Makaha Resort

Northwynd Resort Properties Ltd., a Canada based company, owns the Makaha Resort on the Leeward Coast of Oahu. In April 2011, Northwynd had partnered Pacific Links Hawaii, a golf course operator, to help upgrade the hotel and convert the 173 rooms into timeshares. Pacific Links purchased the 18-hole golf course which was part of the Makaha Resort for $2.5 million and spent $3 million upgrading the golf course. Pacific Links also agreed to loan Northwynd $6.8 million to help renovate the hotel. However, Northwynd was unable up secure additional financing and closed the hotel in October 2011. Northwynd claimed at that time that they would secure financing at a later date, upgrade the property and then reopen the Makaha Resort.

Pacific Links has recent filed a foreclosure lawsuit against Northwynd and hopes to repossess the currently closed hotel that was used to secure the loan. Chief operating officer for the Pacific Links Hawaii, Micah Kane, stated, “It is very unfortunate that Makaha Hotel and Resort was unable to secure the financing to reignite hotel operations. However, we will use this as an opportunity to pursue a more comprehensive, community-based approach to developing a truly sustainable economic plan for Makaha Valley.”

Source: Honolulu Star Advertiser, 3-2-2013, www.staradvertiser.com
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Foreclosure Cases Increase in January 2013

According to a report released by the state Judiciary, there were a total of 364 new foreclosure cases initiated in the state court system during the month of January 2013. However, most industry experts are not surprised by this turn of events, as there have been a backlog of cases building due to new foreclosure laws that the Hawaii State Legislature passed in 2011 and 2012. The stricter laws required that attorneys would be responsible for affirming the accuracy of all case documents submitted by lenders, which brought the number of new cases filed to a trickle. However, now that lenders and their attorneys have become used to this change, they are beginning to quickly process the backlog in the judicial foreclosure system.

Source: State Judiciary

January 2013 – 364 foreclosure cases
December 2012 – 341 foreclosure cases
November 2012 – 327 foreclosure cases
October 2012 – 196 foreclosure cases
September 2012 – 58 foreclosure cases
August 2012 – 59 foreclosure cases
July 2012 – 75 foreclosure cases
June 2012 – 458 foreclosure cases
May 2012 – 397 foreclosure cases
April 2012 – 382 foreclosure cases
March 2012 – 404 foreclosure cases
February 2012 – 345 foreclosure cases
January 2012 – 285 foreclosure cases

Source: Honolulu Star Advertiser, 2-26-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Maui Real Estate – Ritz-Carlton Condominium and Time-Share Sold at Foreclosure Auction for $100 Million

Lantern Asset Management has purchased the Ritz-Carlton Condominium and time-share resort on the island of Maui in a foreclosure proceeding for a total of $100 million. The 24-acre oceanfront property is the home of nine low-rise condominium structures and was built by a partnership between the Maui Land & Pineapple Company, the Ritz-Carlton Hotel Company, and Exclusive Resorts LLC in 2007 for $355 million. However, due to the recession and problems in the financial market, Lehman Brothers, who was the project’s main lender, filed for bankruptcy in 2008. This move significantly halted sales and created additional challenges for the developer.

In June of 2012, a group of lenders who replaced Lehman Brothers as the main lender filed a foreclosure lawsuit against the developer for $300 million owed to them. In addition, in June of 2012 a group of condominium owners filed a lawsuit against the developer for breaching their fiduciary duties. In July of 2012, the Ritz-Carlton announced they would no longer be managing the property due to the fact that operating costs were not being sufficiently funded. Currently, only 28 out of the 84 condominiums have been sold and only 177 of the 744 interests in the time-share units have been sold. The property is now known as the Residences at Kapalua Bay and is under the new management by the Timbers Resorts since the beginning of this year.

Source: Honolulu Star Advertiser, 2-1-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Foreclosure – Cases Increase in December 2012

According to a report released by the state Judiciary Department, the number of foreclosures filed statewide increased to 341 new cases in December 2012. In comparison, 327 new cases were filed in November, and 196 new cases were filed in October. Experts say that this increase is to be expected as lenders are starting to file more foreclosures now that there is a better understanding of the legal changes (Act 182) that were made in June 2012. Many court cases were suspended or delayed due to Act 182, and have now been restarted in the court system.

341 foreclosures filed – December 2012
327 foreclosures filed – November 2012
196 foreclosures filed – October 2012
58 foreclosures filed – September 2012
59 foreclosures filed – August 2012
75 foreclosures filed – July 2012 (Act 182 Started)
458 foreclosures filed – June 2012
397 foreclosures filed – May 2012
382 foreclosures filed – April 2012
404 foreclosures filed – March 2012
345 foreclosures filed – February 2012
285 foreclosures filed – January 2012

Source: Honolulu Star Advertiser, 1-29-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Number of Foreclosures Increase in November 2012

On June 29, 2012, the state of Hawaii enacted Act 182, which brought about drastic changes to Hawaii’s foreclosure laws including requiring an attorney to verify the accuracy of all documents submitted by lenders in a case.  In the months immediately following June, new foreclosure lawsuits plummeted to an average of 60 to 70 per month, and then increased to 196 in October.

According to the state of Hawaii Judiciary, the total number of foreclosures in Hawaii increased to 313 in November 2012.  This was still a decrease from November 2011 where there were 395 new cases, but experts believe that as lawyers and mortgage lenders adjust to the new state foreclosure requirements that this number will continue to rise.  It is unclear if Act 182 will really help homeowners stay in their properties in the long haul.

Source: Honolulu Star Advertiser, 12-22-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Hawaii Foreclosures - Huge Decrease in Filings for September 2012

According to a report released by the state Judiciary, there were only 51 new foreclosue cases filed across the entire state in September 2012.  This was an 85 percent decrease from the 336 cases filed in the same month a year prior.  In fact, the last time that the foreclosure volume was this low was 2006, prior to the recession.  However, experts note that the low foreclosure volume is a direct result of a recent overhaul in state law, and it is believed that once lenders adopt the new procedures there will be an increase in foreclosure filings.

Below is the number of foreclosure filings reported by the State Judiciary:

September 2012 – 51 filings
August 2012 – 58 filings
July 2012 – 75 filings
June 2012 – 458 filings
May 2012 – 397 filings
April 2012 – 382 filings
March 2012 – 404 filings
February 2012 – 345 filings
January 2012 – 285 filings

Source: Honolulu Star Advertiser, 10-30-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Punchbowl Home Foreclosed for Failure to Connect to City’s Sewer System

The city and county of Honolulu has decided to foreclose on a home in Punchbowl for failure to connect to the city’s sewer system after nine years of notices and legal battles.  Sunny Lee, the 93-owner, and her daughter Monica have been fighting the city in court and argue that Sunny has a legal right to use an underground sewer line that goes through their neighbor’s property.  The city maintains that Sunny Lee is in violation of state and city laws and have incurred hundred of thousands of dollars in penalties.

Lee purchased the home in 1957 and had her sewer line connect through a line that ran through Melvin and Mildred Bender’s property, her next door neighbor.  The Benders did not know about the line until is started to leak in 2000.  The Benders then filed a lawsuit saying that Lee did not have an easement or legal right to use the line.  Lee lost the lawsuit and the sewer line was shut off.  Lee then filed an appeal with the Hawaii Supreme Court in 2006 which was rejected unanimously and affirmed that Lee did not have a legal right to the line.  The state Department of Health started sending notices to Lee in 2003 and filed a lawsuit in 2008 stating that Lee owed over $170,000 in penalties.  Health inspectors showed that high levels of bacteria were found in waste water flowing to a neighbor’s property.

A Circuit Court Judge ruled in favor of the state and noted that Lee must hire a licensed engineer and contractor to connect her home to the city sewer system.  Lee was required to pay $25,000 in past violations and $150 per day until it was connected starting from 2005.  Lee refused and the city filed for foreclosure in 2007.  In August 2012 a judge ruled that the city was allowed to foreclose of the property.

This is a relatively unusual case as the city rarely has to file for foreclosure due to a lack of sewer line connection.

Source: Honolulu Star Advertiser, 10-8-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Number of New Foreclosure Cases Fall in August 2012

According to the state of Hawaii Judiciary, only 58 new foreclosure cases were filed across the state in August 2012. This was a massive decline from the 321 new foreclosure cases filed during the same month a year ago. Experts believe that this decrease is a direct response to the new law which was enacted in June requiring lenders to be more active in working with homeowners who were behind on their mortgage payments. However, experts also note that there will probably be a slight increase in case filings once lenders adapt to the new procedures.

Source: Honolulu Star Advertiser, 9-25-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Hawaii Foreclosure – July 2012 Filings Plummet to Record Lows

According to the state Judiciary, only 75 new foreclosure cases were filed during July 2012. This was a huge drop compared to the 355 cases filed during the same month a year prior. Experts attribute this dramatic shift to the latest changes in Hawaii’s foreclosure law brought about by Act 182 which went into effect in June. Act 182 has even stricter requirements for lending companies and their legal departments when seeking to foreclose on homeowners.

Source: Honolulu Star Advertiser, 8-25-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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Judicial Foreclosures Up in June 2012

According to a report released by the State of Hawaii Judiciary, there were a total of 378 new foreclosure cases filed in Circuit Court in June 2012.  This was a increase from the 209 cases filed in June of the year prior.  Real estate experts believe that this increase is a direct result of Hawaii’s new foreclosure law, Act 48.  Act 48 had halted all pending out-of-court or nonjudicial foreclosure cases and had lenders follow new rules in terms of the nonjudicial process.  Many lenders decided to start their foreclosure proceedings in court as they felt that the new nonjudicial process would expose them to unfair risks.

Source: Honolulu Star Advertiser, 7-25-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

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Hawaii Foreclosure – Rate in May 2012 Lowest in Four Years

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®

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Hawaii Foreclosures – Filings Decreased Dramatically in April 2012

According to RealtyTrac, a real estate research firm, there were only 314 foreclosuring filings in the state of Hawaii in April 2012.  This is a huge decrease from the 1,081 filings recorded during the same month a year prior.  Experts are attributing this massive decrease to new foreclosure law changes that have occured in the state over the past year.  Thanks to these April numbers, the state of Hawaii has the 36th lowest rate of foreclosures in the United States at one filing for every 1,654 households.  The national average is one filing for every 698 households.

Source: Honolulu Star Advertiser, 5-17-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

Global Executive Realty, LLC

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Foreclosure Rate for Honolulu Low Amongst Metropolitan Areas

According to a report released by RealtyTrac, a real estate research firm, in the first quarter of 2012 Honolulu had one foreclosure for every 490 households.  This decrease ranked Honolulu as the 64th lowest metropolitan area in the country out of 212 cities with a population of 200,000 or greater.  In comparison, Stockton, California had the worst rate in the country with one foreclosure for every 60 housholds.  The average rate for all 212 metro areas was one case per 230 households.

Source: Honolulu Star Advertiser, 4-26-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

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Hawaii Foreclosure – Homeowners Warned About Foreclosure Prevention Scams

The State of Hawaii’s Department of Commerce and Consumer Affairs is increasing it’s public awareness campaign to help educate homeowners about foreclosure prevention scams.  The DCCA stated that the consumer should be cautious of any company who:

1. Collects a fee in advance.

2. Recommends that you stop making mortgage payments or instead send the payments to the rescue service provider.

3.  Instructs you not to contact your lender, lawyer or a credit or housing counselor approved by the federal Department of Housing and Urban Development.

4.  Promises it can stop the foreclosure process.

5.  Pressures you to sign papers, especially if you don’t understand them or haven’t read them thoroughly.

If you feel that you may have been victimized, please contact the DCCA’s Consumer Resource Center at 808 587-3222.

Source: Honolulu Star Advertiser, 4-18-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
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