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The Honolulu Advertiser
Posted on: Tuesday, February 13, 2007

Foreclose rate for Isles up sharply

Advertiser Staff

The number of homes in Hawai'i entering foreclosure rose sharply in January compared with a year earlier, but the state still posted the 10th lowest foreclosure rate in the country, a report said.

There were 90 Hawai'i properties entering some stage of foreclosure last month, nearly triple the 34 in January 2006, according to Irvine, Calif.-based real estate research firm RealtyTrac.

Nationally, foreclosures rose 25 percent from January 2006, and only six states had bigger increases than Hawai'i.

Still, 40 other states had foreclosure rates that were worse than Hawai'i, where there was one foreclosure for every 5,117 households. The national average was one foreclosure per 886 households. Nevada had the worst rate with one foreclosure per 362 households.

RealtyTrac includes a variety of foreclosure actions in its count, including notices of default, foreclosure sale notices and property repurchases by lenders.