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Report: Honolulu foreclosures down nearly 35 percent in 2012

By Erika Engle

LAST UPDATED: 7:11 a.m. HST, Jan 31, 2013

Foreclosures in Honolulu dropped 34.49 percent in 2012 from 2011, according to real estate data tracking company RealtyTrac Inc.

The company ranked Honolulu at No. 11 among its 20 worst U.S. markets in which to buy a foreclosed home, citing a 50-month supply of foreclosure inventory and the 5.17 percent of all sales which are foreclosure properties, among other factors.

Honolulu and other primarily western U.S. markets dominated the list of markets with what RealtyTrac calls low scores.

The company refers to markets with higher scores as the best places in which to buy foreclosed properties. For 2013, the top three are in the Palm Bay-Melbourne-Titusville area of Florida, which saw a more than 308 percent increase in foreclosures in 2012 over 2011, followed by Rochester, New York, and Albany-Schenectady-Troy New York, with year-over-year increases of more than 132 percent and nearly 108 percent, respectively.

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