Hawaii Foreclosure Spike in July

July saw a big spike in home foreclosures for the state of Hawaii. According to RealtyTrac's Wednesday report last week, there were almost 300 more filings in July than in June and as far as national rankings for highest foreclosure rate, Hawaii jumped from 19th to 15th between those two months.

The total number of Hawaii foreclosure filings in July was 990 with 706 in June. In July of last year, there were 229. What we've seen is a 332 percent increase in foreclosures for July since the same month last year, and a 40 percent increase since June of this year. That is a very serious jump.

According to RealtyTrac, the foreclosure rate amounts to one filing for every 512 households. California was the second highest in foreclosures for July with Arizona a close third. Nevada was the highest with one foreclosure in every 56 households. California had the highest number of foreclosures at 108,104. Vermont came in last with only 11 foreclosures for every 28,312 households.

On a national scale, foreclosures rose 6 percent since June, which was 32 percent from July of last year. For now, everyone has to just do their best to hang in until things begin to stabilize. We'll have to wait and see what August brings.

Explore the excellent selection of Maui oceanfront condos for sale and Kaanapali homes on the market now. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!