Foreclosure Proceedings in Hawaii Declined 9% in March

According to a report from RealtyTrac, a real estate data service based in Irvine, Calif., "One out of every 1,850 homes in Hawaii were in some stage of foreclosure in March. Nationwide, foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported for 117,485 properties in March, the company said, a decrease of 23 percent compared to March 2013.

Daren Blomquist, vice president at RealtyTrac, said in a statement, “Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time,”

While Hawaii has always had a low percentage of foreclosures, certain areas of each island tend to see more than others.  Those areas are usually ones in Rural parts of the island, where recent new development has increased the inventory, making older homes less desirable and harder to sell.