COURTESY PIXABAY
Last year, Hawaii foreclosure case volume dipped 5 percent, which included five months with higher numbers of new cases. In 2015, volume dropped 12 percent. and in 2014 the decline was 39 percent.
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Hawaii homeowners faced fewer foreclosure lawsuits to start this year following three consecutive years of declining cases filed largely by mortgage lenders to repossess homes.
The most recent data from the state Judiciary show that foreclosure lawsuits filed statewide fell in the first two months of this year from the same months last year.
NO PLACE TO CALL HOME
New Hawaii foreclosure cases filed in state court, including the year-over-year percentage change:
Month | Total | Change | Year-earlier total
January | 134 | 19% | 166
February | 113 | 30% | 162
There were 134 cases filed in January, down 19 percent from 166 in the same month the year before. And in February, case volume dropped 30 percent to 113 from 162 a year earlier.
Judiciary figures can include foreclosure cases involving commercial real estate and cases initiated by condominium associations against homeowners who fail to pay maintenance fees or other assessments. Most cases, though, are initiated by lenders over delinquent mortgage debt on residential property.
The trend of fewer foreclosure cases in part is seen as a reflection of household stability in a healthy local economy with low unemployment, rising personal income, low interest rates and rising home values.
Another sometimes-linked measure is bankruptcy, which for some individuals follows foreclosure trouble. New bankruptcy case filings have been down or flat in Hawaii for 66 of the past 72 months through March compared year-over-year.
Last year, Hawaii foreclosure case volume dipped 5 percent, which included five months with higher numbers of new cases. In 2015, volume dropped 12 percent. and in 2014 the decline was 39 percent.