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Posted: Friday, June 15th, 2012 9:03 AM HST

Foreclosures in May is lowest in four years

By Ken Hupp - 67AM KPUA News

Hawai`i foreclosure filings in May fell to their lowest level for any month in nearly four years. A report released by Realty Trac showed there were 267 filings last month, which was down 70 percent from 900 in the same month last year and was the lowest for any month since 229 filings in July 2008. The Big Island had 75 filings, for a rate of one filing per 1,098 households. Local foreclosure attorneys, economists and government leaders peg the drastic falloff in statewide foreclosure filings mostly to continued effects from an overhaul of Hawaii's foreclosure law passed in May 2011, which prompted lenders to stop filing cases out of court, where they are relatively easy and quick to process.