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Thursday, August 25, 2011

21% of sales in Q2 were foreclosures?

Pacific Business News
Date: Thursday, August 25, 2011, 7:02am HST

Homes that were in some stage of the foreclosure process accounted for more than 21 percent of all residential sales in Hawaii during the second quarter, according to new data from RealtyTrac. 

There were 743 foreclosure sales in Hawaii between April 1 and June 30, which was a 4 percent increase compared to the same period in 2010, according to Irvine, Calif.-based RealtyTrac. 

Nationally, more than 31 percent of all residential home sales were in some stage of foreclosure, either with a notice of default, a notice of auction or bank-owned property. 

However, the total number of foreclosed homes sold in the United States — 265,087 — represented a drop of 11 percent from the second quarter in 2010, RealtyTrac said.

In Hawaii, more than 39 percent of all sales in Maui County during the second quarter were foreclosures. The 250 foreclosure sales on Maui, Lanai and Molokai represented an 8 percent increase from the second quarter in 2010.

Foreclosure sales on Kauai represented 33 percent of all sales. However, the number of sales, just 57, was a 26 percent drop from 77 sales during the second quarter of 2010.

The Big Island had 164 foreclosure sales in the second quarter, which was a 19 percent increase from 2010, and represented 27 percent of all residential sales.

The 272 foreclosure sales on Oahu represented 13 percent of all sales, and a 2 percent decline in number from last year.

Nationally, the average sales price of a bank-owned home or one in foreclosure was $164,217, which was a 1 percent decline from a year ago.

Hawaii’s average price was more than double that, the highest in the nation at $347,428. However, it was a 7 percent drop from $375,264 in the second quarter of 2010, according to RealtyTrac data.

Posted by Trevor Benn on August 25, 2011 at 11:11 AM
Real Estate News • (17) CommentsPermalink
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