Foreclosures in Hawaii increased by five times in May compared to the same month a year ago, setting a new high in filings. The number topped the previous month of March’s 724 that were reported. Economists and attorneys that handle foreclosures blame the increase filings on the recession’s effects due to job losses and a decrease on wages.
The decline in property prices have made it hard for home owners to refinance or sell their homes. The Hawaiian Islands now have the 15th highest foreclosure rate in the nation with 1 in every 621 households. Hawaii is still no where near the highest states like Nevada, California or Florida.
It is definitely looking a lot more attractive if you are looking to buy a home or making an investment here in the Hawaiian Islands. You can search for all the bank owned foreclosures in Hawaii on our website and sign up to get new listings emailed as they become available. Feel free to contact us if you would like to know about what opportunities are available on all the islands.