Hawaii Foreclosures down 70% in May
According to "Pacific Business News" online, "The number of foreclosures in Hawaii fell 70 percent in May, compared to a year ago, to 267 filings, or one for every 1,946 housing units, according to a report by RealtyTrac."
"Hawaii was ranked No. 40 in the nation for foreclosures, according to RealtyTrac. The Honolulu Star-Advertiser reports that the dramatic drop in the number of filings was due to foreclosure law passed by the Hawaii Legislature last year that led lenders to stop filing nonjudicial foreclosures, creating a backlog in the courts."