Friday, August 23, 2013

Low Numbers of Foreclosures in Hawaii

According to a recent report by CoreLogic, the number of completed foreclosures in the nation has dropped.  The most recent report shows that 397 foreclosures were completed in the month of June in our Hawaii.  This number gives Hawaii one of the lowest number of completed foreclosures in the nation, ranking in the bottom five.

National Foreclosure Report
Foreclosures Drop 20% Nationwide

At first glance, the low number of foreclosures in Hawaii may seem as if the housing market has recovered.  However, the foreclosure law passed in 2011 by the Hawaii State Legislature forced many non-judicial foreclosures to go through a judicial process.  A slowdown in the number of completed foreclosures in Hawaii may merely mean that cases are working their way through the judicial foreclosure process. 

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