| 2Loan4Less.com Launches, Offers Consumers Opportunity to Shop for Car ...
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Isle foreclosures among lowest in U.S., despite December surge
Foreclosure filings in Hawai'i tripled in December compared to a year earlier, though the rate for the entire year remained one of the lowest nationwide. There were 130 foreclosure filings last month in the state, a 202 percent increase compared to December 2006, according to Realty Trac, a California-based real estate research firm. The firm also released national figures showing that more than 1 percent of all U.S. households were in some stage of foreclosure during the year. Declining property values in some markets, along with higher interest rates on adjustable mortgages, have led to an increase in foreclosures nationally. Some consumers can't keep up with mortgage payments and can't refinance or sell their properties. Hawai'i consumers and lenders have typically been more conservative in their financing and the foreclosure rate here was less than one-fifth of the national rate.
Property tax loans rise despite risks
But consumer advocates and mortgage lenders say there are better ways to pay the taxes, including unsecured credit card loans, creation of escrow accounts or refinancing. Most counties offer payment plans to help homeowners. An indication of the growth of property tax loans is reflected in the increase in the number of tax lien transfers from a local government to a loan company in the state's largest counties, according to a recent report by the Center for Public Policy Priorities. The jump was most remarkable in Travis County, where tax lien transfers went from about 50 in 2005 to an estimated 1,250 in 2007, after lending companies increased their marketing in the state capital. In Harris County, loans jumped from about 650 in 2005 to an estimated 1,500 last year.
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