I almost didn’t even post this article, but I figure I would let you be the judge.  There are lots of questions as to whether or not RealtyTrac produces accurate data.  They are known to count multiple filings on the same property and now this:

Some observers have questioned how well RealtyTrac’s methodology reflects the condition of local housing markets because the company includes commercial property in its count and excludes some rural areas from data collection.

RealtyTrac previously disclosed that its August count included a foreclosure action against an owner of multiple hotel-condominium units on Kaua’i (Brian Anderson’s foreclosure, which he also has now foreclosed on the Ilikai Project and the W Hotel). But the company doesn’t always report extraordinary factors that cause big swings in specific markets.

The company did note that recently enacted laws in some states are mandating delays to the foreclosure process that have produced significant declines in foreclosure filings, such as a 44 percent drop in California last month compared with the same month a year earlier. No foreclosure delay law has been passed in Hawai’i.

Also, keep in mind that this is all of Hawaii.  Oahu has performed the best of all the islands in terms of unemployment numbers and real estate prices.

So, here goes, the Honolulu Advertiser wrote October Foreclosures Triple Over Last Year.
The Honolulu Star Bulletin article was even more gloomy, Foreclosures Tripled In A Year.

At first the problems appeared to be isolated to embattled consumers dealing with increased interest rates on hybrid and subprime loans. However, as more time has passed, the lagging economy on the mainland and in Hawaii has exacerbated the problems.

Really!  They can tell all of this from a foreclosure filing? Interesting!  I will show you why Hawaii’s real estate market is doing really well in a future post, so keep an eye out.