Hawaii Foreclosures Expected to Increase

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Hawaii Foreclosures Expected to Increase

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Could this be the calm before the storm in Hawaii? After several months of relative calm in Hawaii's real estate market, some believe the storm of foreclosure filings may soon return to the Islands.

For the fourth consecutive month, foreclosure activity in Hawaii waned. In March alone, foreclosures dropped by 37 percent from a year earlier. The 691 March foreclosure filings represented the lowest monthly total in over two years and was less than half of the record 1,629 foreclosures in August 2010.

Unfortunately, experts insist when several major lenders resume normal processing levels of delinquent mortgages, the gray clouds will return. The delay may be the result of the number of foreclosure cases involving improper case documentation.

No one knows exactly what the up-tick in foreclosure filings will be but most seem to agree the current lull is short lived at best. A number of lenders began voluntarily holding back new foreclosures cases or selling foreclosed homes after loan documentation processes were called into question and subsequently rejected in some courts.

Now, lenders including Bank of America, JP Morgan Chase and GMAC Mortgage are addressing deficiencies. When these problems are resolved, there will certainly be a backlog of delinquent mortgages to process and file. The likelihood it there will be several months until the systems adjust and the foreclosure pipeline is full steam ahead.

The current instability in the housing market in the U.S., and Hawaii, makes it too soon to predict when foreclosures will eventually subside. There are so many unknowns at this point, predicting a precise turnaround is difficult at best.

In Hawaii, commercial property is not excluded from the foreclosure count. This means popular vacation properties in Hawaii, such as timeshares and condo-hotel units are counted in the statistics.

This rough weather will not be as bad as the last foreclosure tempest. That doesn't mean, however, Hawaii is in for clear skies and sunny weather quite yet.

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Tags: • islands • jp morgan • housing market • foreclosed homes • real estate market • foreclosure filings • vacation properties • commercial property • foreclosure activity • foreclosures • hawaii • mortgage •

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