Perspective On Hawaii’s Foreclosure Rate
March 12th, 2009 categories: The Market
I am trying to keep my cool! The Honolulu Advertiser led an article today with this headline, “Foreclosure filings statewide soar 276%”! If you are like me, at first blush my reaction was shock and dismay, but as I read the sneaky report I found that their headline was designed to sell papers.
“The surge of 276 percent last month was higher than any other state on a percentage basis, though the rate of filings per household — one filing per 944 households in Hawai’i — was worse in 26 other states.”
CLICK HERE TO READ THE ENTIRE ADVERTISER ARTICLE.
Pacific Business News puts this in perspective. Clearly, though PBN is smaller, they take their journalistic duty much more seriously than The Advertiser.
“Hawaii had a foreclosure rate of one filing for every 944 households, according to the latest survey by the California-based real estate research firm. Nevada again had the highest foreclosure rate in the country, up 9 percent, with one filing for every 70 households.”
CLICK HERE TO READ THE ENTIRE PBN ARTICLE.
Buried in the Advertiser article is the fact that Oahu’s foreclosure rate is 1 for every 1,361 households. Based on their incomplete chart, my best guess is that Honolulu would rank somewhere around 40th in the nation if it were a State. This would be a pretty good ranking. So the moral of the story is to be sure to read the entire article and understand that The Honolulu Advertiser makes it a habit of using inflammatory headlines to sell papers.
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If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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