Hawaii foreclosure filings tripled last month amid the ongoing economic downturn, research firm RealtyTrac said Thursday.
There were 395 foreclosure filings in October, up from 131 the same month last year.
Hawaii foreclosure filings have sharply increased since July.
At first, most properties were foreclosed on people unable to make payments after interest rates rose on their hybrid and subprime loans.
That’s fewer than September’s record 594 filings. But Daren Blomquist, marketing and communications director for RealtyTrac, said local foreclosures are still rising, and the market could take months or even years to recover.
But now rising consumer costs, falling home values and growing unemployment are making it harder for a broader range of people to keep up with their mortgage payments.
Hawaii’s foreclosure rate, at one filing per 1,266 households, was higher than 29 other states, but was still better than the national average of one filing per 452 households.
Tags: Hawaii foreclosures
