Is the foreclosure crisis bottoming out? - Hawaii News Now - KGMB and KHNL

Is the foreclosure crisis bottoming out?

By Howard Dicus - bio | email

WASHINGTON and HONOLULU (HawaiiNewsNow) - Foreclosures nationwide are still on the rise, but fewer homeowners are falling behind on their loan payments.

The Mortgage Bankers Association reported Thursday that 8.2 percent of homeowners missed a payment in the fourth quarter, down from 9.1 percent in the third quarter. But 4.6 percent of homes were in foreclosure as 2011 began, up from 4.4 percent last summer.

Economists think this means fewer homeowners are getting into trouble and foreclosures will fall sometime this year after those who are already in trouble go through the foreclosure process or avoid it by short-selling their home.

RealtyTrac counted 354 foreclosure filings on Oahu in January, 341 on the Big Island, 209 in Maui County and 81 in Kauai County, though several steps of the process are counted separately and most of these properties are sold before actual foreclosure occurs.

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