First Hawaiian has ‘respectable’ quarter
CEO Don Horner says his bank’s income rose amid “progress” in the state’s economy
By Dave Segal
Article from: Star-Advertiser
First Hawaiian Bank said its net income rose 2.6 percent in the first quarter amid signs that the Hawaii economy is turning around.
The state’s largest bank in terms of assets posted earnings of $52.7 million compared with $51.3 million in the year-earlier period, according to financial results due out today.
Chairman and CEO Don Horner called the quarter “respectable” and said the bank’s overall fundamentals remain solid.
“We see continued progress in our state’s economy and are hopeful the impact of the March 11 tragedy in Japan will not be as severe as first predicted,” Horner said. “A strong tourism sector is an important contributor to lead our economic recovery.”
Earlier this month, First Hawaiian released a first-quarter business activity report that showed retail spending by consumers increased 10.2 percent over the same period a year ago at businesses open at least a year. The bank is the state’s largest provider of merchant card terminals and debit and credit card processing with more than 7,500 merchant locations in Hawaii, Guam and the Commonwealth of the Northern Mariana Islands.
First Hawaiian’s assets last quarter increased 6.3 percent to $15.2 billion from $14.3 billion.
Deposits were up 5.8 percent to $10.8 billion from $10.2 billion, and loans and leases edged up 2.8 percent to $8.2 billion from $8 billion.
The percentage of nonperforming assets to total assets remained low at 0.2.5 percent compared with 0.23 percent a year ago.
The bank’s capital, or net worth, at the end of thequarter was in excess of $2.6 billion and remained in the top quartile nationally as a percentage of total assets.
First Hawaiian, a wholly owned subsidiary of French banking giant BNP Paribas, is not required to separately report its earnings, but does so voluntarily each quarter.
The Honolulu-based bank, founded in 1858, has 58 branches in Hawaii, three on Guam and two on Saipan.
Saturday, April 23, 2011
Friday, April 22, 2011
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Wednesday, April 20, 2011
Bank Of Hawaii First Quarter Earnings Top Forecasts ~ CEO Cites Many Reasons Including Improving Hawaii Economy And Stabilizatin Of Real Estate Values
Bankoh net falls but tops forecasts
CEO Peter Ho says an improving Hawaii economy is leading to better credit quality
By Dave Segal
Article from: Star-Advertiser
Bank of Hawaii Corp. said its loan portfolio and interest margins are continuing to benefit from the state’s improving economy.
Hawaii’s second-largest bank in terms of assets blew past analysts’ first-quarter earnings estimates by 16 cents yesterday even as net income fell 19.7 percent from the year-ago period.
Bank of Hawaii had earnings of $42.4 million, or 88 cents a share. Analysts had expected the bank to earn 72 cents a share. A year earlier, the bank earned $52.7 million, or $1.09 a share, but that included net gains of $20 million from the sale of investment securities. Last quarter, the bank had securities gains of just $6.1 million.
Peter Ho, chairman, president and CEO of Bank of Hawaii, said he was pleased with the first-quarter results, adding that the improving economy in Hawaii was largely behind it.
“All roads go back to the economy,” Ho said. “We have seen for several quarters now continued improvement in the Hawaiian economy, and that’s 90 percent of our business and hugely important for us.”
Ho said the bank has started to see increased activity in its business segments, particularly on the consumer front and in the stabilization of real estate values.
“We think there’s reason for cautious optimism from an economic standpoint here in the islands, and that is obviously impacting our credit quality in a positive way,” Ho said. “We’ve logged improvement in credit quality for at least three quarters now, and our assumption is we’ll continue to see that. I guess the big ‘X factor’ is what happens with the Japanese situation. We’re obviously concerned like the rest of the community, but it’s a little too early to determine how much an impact that will have on the economic recovery.”
Bank of Hawaii’s stock, which traded as high as $49.22 yesterday, ended off 28 cents, or 0.6 percent, to $47.39.
The securities gains came from the bank trying to take the risk out of its balance sheet by selling longer-term government securities in favor of shorter-term securities due to the rising interest-rate environment. Rising interest rates also helped the bank improve its net interest margin, which is the difference between what it pays depositors and what it brings in from loans. Bank of Hawaii’s net interest margin was 3.24 percent in the first quarter. That was worse than the 3.72 percent in the year-earlier quarter but better than the 3.15 percent in the fourth quarter.
Analyst Brett Rabatin of Birmingham, Ala.-based Sterne Agee said credit quality and better margins “drove the quarter in terms of upside.”
“I think it was a good quarter in a still-challenging environment,” Rabatin said. “Bank of Hawaii obviously had stellar asset-quality trends through the downturn. Their credit quality never got to be peer-like because they had less exposure to high-risk borrowers and loan types like construction. So they’ve definitely seen lower charge-offs from consumer trends and nonperforming assets. Generally, I think that’s indicative of an improving economy.”
Bank of Hawaii set aside just $4.7 million to cover potential loan losses in the first quarter, compared with $20.7 million a year earlier and $5.3 million in the fourth quarter of 2010.
Total assets rose 4.2 percent to $13 billion from $12.4 billion. First Hawaiian Bank ranks first in the state in total assets with $15.2 billion.
Loans and leases declined 5 percent to $5.3 billion from $5.6 billion. And deposits gained 4.4 percent to $9.9 billion from $9.5 billion.
Revenue fell 14.4 percent to $153.6 million from $179.4 million. Net interest income declined 7.4 percent to $99.7 million from $107.7 million. Noninterest income, which includes money earned from fees and charges, fell 24.9 percent to $53.9 million from $71.8 million.
Ho said the bank generated $2 million less in debit card overdraft fees last quarter from the year-earlier period after a federal law went into effect in the middle of last year that required consumers to give their permission for banks to assess overdraft charges.
The bank also maintained its quarterly dividend at 45 cents a share. It will be payable June 14 to shareholders of record as of the close of business on May 31.
CEO Peter Ho says an improving Hawaii economy is leading to better credit quality
By Dave Segal
Article from: Star-Advertiser
Bank of Hawaii Corp. said its loan portfolio and interest margins are continuing to benefit from the state’s improving economy.
Hawaii’s second-largest bank in terms of assets blew past analysts’ first-quarter earnings estimates by 16 cents yesterday even as net income fell 19.7 percent from the year-ago period.
Bank of Hawaii had earnings of $42.4 million, or 88 cents a share. Analysts had expected the bank to earn 72 cents a share. A year earlier, the bank earned $52.7 million, or $1.09 a share, but that included net gains of $20 million from the sale of investment securities. Last quarter, the bank had securities gains of just $6.1 million.
Peter Ho, chairman, president and CEO of Bank of Hawaii, said he was pleased with the first-quarter results, adding that the improving economy in Hawaii was largely behind it.
“All roads go back to the economy,” Ho said. “We have seen for several quarters now continued improvement in the Hawaiian economy, and that’s 90 percent of our business and hugely important for us.”
Ho said the bank has started to see increased activity in its business segments, particularly on the consumer front and in the stabilization of real estate values.
“We think there’s reason for cautious optimism from an economic standpoint here in the islands, and that is obviously impacting our credit quality in a positive way,” Ho said. “We’ve logged improvement in credit quality for at least three quarters now, and our assumption is we’ll continue to see that. I guess the big ‘X factor’ is what happens with the Japanese situation. We’re obviously concerned like the rest of the community, but it’s a little too early to determine how much an impact that will have on the economic recovery.”
Bank of Hawaii’s stock, which traded as high as $49.22 yesterday, ended off 28 cents, or 0.6 percent, to $47.39.
The securities gains came from the bank trying to take the risk out of its balance sheet by selling longer-term government securities in favor of shorter-term securities due to the rising interest-rate environment. Rising interest rates also helped the bank improve its net interest margin, which is the difference between what it pays depositors and what it brings in from loans. Bank of Hawaii’s net interest margin was 3.24 percent in the first quarter. That was worse than the 3.72 percent in the year-earlier quarter but better than the 3.15 percent in the fourth quarter.
Analyst Brett Rabatin of Birmingham, Ala.-based Sterne Agee said credit quality and better margins “drove the quarter in terms of upside.”
“I think it was a good quarter in a still-challenging environment,” Rabatin said. “Bank of Hawaii obviously had stellar asset-quality trends through the downturn. Their credit quality never got to be peer-like because they had less exposure to high-risk borrowers and loan types like construction. So they’ve definitely seen lower charge-offs from consumer trends and nonperforming assets. Generally, I think that’s indicative of an improving economy.”
Bank of Hawaii set aside just $4.7 million to cover potential loan losses in the first quarter, compared with $20.7 million a year earlier and $5.3 million in the fourth quarter of 2010.
Total assets rose 4.2 percent to $13 billion from $12.4 billion. First Hawaiian Bank ranks first in the state in total assets with $15.2 billion.
Loans and leases declined 5 percent to $5.3 billion from $5.6 billion. And deposits gained 4.4 percent to $9.9 billion from $9.5 billion.
Revenue fell 14.4 percent to $153.6 million from $179.4 million. Net interest income declined 7.4 percent to $99.7 million from $107.7 million. Noninterest income, which includes money earned from fees and charges, fell 24.9 percent to $53.9 million from $71.8 million.
Ho said the bank generated $2 million less in debit card overdraft fees last quarter from the year-earlier period after a federal law went into effect in the middle of last year that required consumers to give their permission for banks to assess overdraft charges.
The bank also maintained its quarterly dividend at 45 cents a share. It will be payable June 14 to shareholders of record as of the close of business on May 31.
Tuesday, April 19, 2011
April Economic Outlook
Spring in the Market
Cherry blossoms sprouting around the Washington, DC area were a sure sign that spring had arrived after a cold winter. As these flowers were in full bloom, the U.S. Department of Labor released the employment report for March: Unemployment declined for the fourth straight month to 8.8 percent, and net employment sprung up by 216,000, the largest monthly job gain since last May and a hopeful signal that the labor market was warming up. On a March-over-March basis, employment was up by 1.3 million.The March employment spurt was largely reflected in several service-providing industries, mining, and manufacturing. In contrast, local government employment was down again, and construction and real estate employment remained weak. Construction jobs have largely trended downward over the past five years, with total construction employment down nearly 30 percent from its peak in April 2006. Likewise, jobs in the real estate industry (which is distinct from construction in the Labor Department’s count) remain more than 100,000 below (7 percent less than) the peak during the spring of 2006. While the monthly job gains for this sector have been weak and inconsistent, nonetheless real estate employment was up by 10,000 since last November.
The housing market may also be poised to shake off the frigid sales pace of January and February, when new home sales slipped to the lowest pace since the Census Bureau began the series in 1963. Driven by low mortgage rates and home prices well below peaks, homebuyer affordability is at the highest level in at least forty years, according to the National Association of Realtors®.
Indeed, sales contract signings for existing homes were up in February, positioning the market for a bounce up in settlements during the second quarter, the traditional time for the seasonal upswing in sales. interest rates will inch higher over 2011, reducing the financial gain and incentive to refinance. The rental market should continue to have gradually warmer market conditions as well, with rents continuing to pickup and vacancies dipping on class-A properties and in stronger metro areas. Rents and vacancy rates are also stabilizing for most other properties and locales.
The encouraging labor market report coupled with high homebuyer affordability should translate into a home-sales pick up, starting this spring. Sales comparisons with a year ago wil lunderstate sales growth, because these comparisons are affected by the 2010 tax-credit that helped to bring many buyers into the market through last April. Look for home sales to be up about 5 percent in 2011 compared with 2010, on a calendar year basis.
With the Federal Reserve maintaining its accommodative monetary policy and Treasury note purchase program, short-term rates will remain low and supportive of household borrowing. The coupon difference between 30-year and 15-year fixed-rate mortgages has gradually widened to about three-quarters of a percentage point, in part reflecting the lower yields on shorter-term instruments. Homebuyers generally opt for 30-year financing, while borrowers who refinance tend to choose 15-year (and to a lesser extent, 20-year) fixed-rate loans. Refinancers not only benefit from the much lower interest rate on 15-year loans, but the faster amortization schedule means they accumulate home equity wealth more quickly. While refinance continues to account for over two-thirds of all loan applications, it will likely account for a much smaller share later this year, for two important reasons. First, the number of borrowers who are “in-the-money” and financially positioned to refinance falls with each passing week, as more close on their new low-rate loan. Second, the consensus view is that long-term. So expect the economy and housing market to follow the cherry trees’ lead: Shake off the cold and show a bit of spring in activity.
http://www.freddiemac.com/news/finance/docs/Apr_2011_public_outlook.pdf
Frank E. Nothaft
Chief Economist
Opinions, estimates, forecasts and other views contained in this document are those of Freddie Mac’s Office of the Chief Economist, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac’s business prospects or expected results, and are subject to change without notice. Although the Office of the Chief Economist attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. The information is therefore provided on an “as is” basis, with no warranties of any kind whatsoever.
Information from this document may be used with proper attribution. Alteration of this document is strictly prohibited.
© 2011 by Freddie Mac.
Cherry blossoms sprouting around the Washington, DC area were a sure sign that spring had arrived after a cold winter. As these flowers were in full bloom, the U.S. Department of Labor released the employment report for March: Unemployment declined for the fourth straight month to 8.8 percent, and net employment sprung up by 216,000, the largest monthly job gain since last May and a hopeful signal that the labor market was warming up. On a March-over-March basis, employment was up by 1.3 million.The March employment spurt was largely reflected in several service-providing industries, mining, and manufacturing. In contrast, local government employment was down again, and construction and real estate employment remained weak. Construction jobs have largely trended downward over the past five years, with total construction employment down nearly 30 percent from its peak in April 2006. Likewise, jobs in the real estate industry (which is distinct from construction in the Labor Department’s count) remain more than 100,000 below (7 percent less than) the peak during the spring of 2006. While the monthly job gains for this sector have been weak and inconsistent, nonetheless real estate employment was up by 10,000 since last November.
The housing market may also be poised to shake off the frigid sales pace of January and February, when new home sales slipped to the lowest pace since the Census Bureau began the series in 1963. Driven by low mortgage rates and home prices well below peaks, homebuyer affordability is at the highest level in at least forty years, according to the National Association of Realtors®.
Indeed, sales contract signings for existing homes were up in February, positioning the market for a bounce up in settlements during the second quarter, the traditional time for the seasonal upswing in sales. interest rates will inch higher over 2011, reducing the financial gain and incentive to refinance. The rental market should continue to have gradually warmer market conditions as well, with rents continuing to pickup and vacancies dipping on class-A properties and in stronger metro areas. Rents and vacancy rates are also stabilizing for most other properties and locales.
The encouraging labor market report coupled with high homebuyer affordability should translate into a home-sales pick up, starting this spring. Sales comparisons with a year ago wil lunderstate sales growth, because these comparisons are affected by the 2010 tax-credit that helped to bring many buyers into the market through last April. Look for home sales to be up about 5 percent in 2011 compared with 2010, on a calendar year basis.
With the Federal Reserve maintaining its accommodative monetary policy and Treasury note purchase program, short-term rates will remain low and supportive of household borrowing. The coupon difference between 30-year and 15-year fixed-rate mortgages has gradually widened to about three-quarters of a percentage point, in part reflecting the lower yields on shorter-term instruments. Homebuyers generally opt for 30-year financing, while borrowers who refinance tend to choose 15-year (and to a lesser extent, 20-year) fixed-rate loans. Refinancers not only benefit from the much lower interest rate on 15-year loans, but the faster amortization schedule means they accumulate home equity wealth more quickly. While refinance continues to account for over two-thirds of all loan applications, it will likely account for a much smaller share later this year, for two important reasons. First, the number of borrowers who are “in-the-money” and financially positioned to refinance falls with each passing week, as more close on their new low-rate loan. Second, the consensus view is that long-term. So expect the economy and housing market to follow the cherry trees’ lead: Shake off the cold and show a bit of spring in activity.
http://www.freddiemac.com/news/finance/docs/Apr_2011_public_outlook.pdf
Frank E. Nothaft
Chief Economist
Opinions, estimates, forecasts and other views contained in this document are those of Freddie Mac’s Office of the Chief Economist, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac’s business prospects or expected results, and are subject to change without notice. Although the Office of the Chief Economist attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. The information is therefore provided on an “as is” basis, with no warranties of any kind whatsoever.
Information from this document may be used with proper attribution. Alteration of this document is strictly prohibited.
© 2011 by Freddie Mac.
Saturday, April 16, 2011
Hawaii’s Unemployment Rate Continues To Be Significantly Lower Than The National U.S. Rate
Hawaii jobless rate holds at 6.3 percent
By Dave Segal
Article from: Star-Advertiser
Hawaii’s seasonally adjusted unemployment rate remained at 6.3 percent in March for the third straight month, according to data released today by the state Department of Labor and Industrial Relations.
The trade, transportation and utilities grouping comprised the greatest job growth, expanding by 900 jobs from February. Government jobs fell by 1,100.
Hawaii’s labor force grew to 633,950 from 631,900 in the previous month with those employed rising to 594,000 from 591,950 and those unemployed remaining flat at 39,950.
A year earlier, Hawaii’s unemployment rate was at 6.8 percent.
The state still continues to far outpace the U.S., which had an unemployment rate of 8.8 percent in March.
For the counties, whose numbers are calculated on a not-seasonally adjusted basis, Honolulu fell to 5.1 percent from 5.3 percent in February, Hawaii County remained at 9.5 percent, Kauai fell to 8.5 percent from 8.6 percent and Maui County declined to 7.8 percent from 8 percent.
Separately in Maui County, the island of Maui fell to 7.8 percent from 7.9 percent, Molokai dropped to 10.8 percent from 11.1 percent and Lanai declined to 5.4 percent from 5.8 percent.
By Dave Segal
Article from: Star-Advertiser
Hawaii’s seasonally adjusted unemployment rate remained at 6.3 percent in March for the third straight month, according to data released today by the state Department of Labor and Industrial Relations.
The trade, transportation and utilities grouping comprised the greatest job growth, expanding by 900 jobs from February. Government jobs fell by 1,100.
Hawaii’s labor force grew to 633,950 from 631,900 in the previous month with those employed rising to 594,000 from 591,950 and those unemployed remaining flat at 39,950.
A year earlier, Hawaii’s unemployment rate was at 6.8 percent.
The state still continues to far outpace the U.S., which had an unemployment rate of 8.8 percent in March.
For the counties, whose numbers are calculated on a not-seasonally adjusted basis, Honolulu fell to 5.1 percent from 5.3 percent in February, Hawaii County remained at 9.5 percent, Kauai fell to 8.5 percent from 8.6 percent and Maui County declined to 7.8 percent from 8 percent.
Separately in Maui County, the island of Maui fell to 7.8 percent from 7.9 percent, Molokai dropped to 10.8 percent from 11.1 percent and Lanai declined to 5.4 percent from 5.8 percent.
Friday, April 15, 2011
Thursday, April 14, 2011
March Foreclosure Filings Were The Lowest In Hawaii In Nearly Two Years ~ But RealtyTrac Indicates Trend Could Change
Foreclosure counts expected to rebound
Lenders will soon resume processing of delinquencies
By Andrew Gomes
Article from: Star-Advertiser
It’s been relatively calm on Hawaii’s home foreclosure front during the past several months, but the storm could soon return.
Foreclosure activity in Hawaii real estate declined for a fourth consecutive month in March, falling 37 percent from a year earlier, according to a report industry research firm RealtyTrac released yesterday.
The count — 691 foreclosure filings last month — was the lowest in nearly two years. It was also less than half the record 1,629 reached in August.
But RealtyTrac and local foreclosure attorneys say recent declines likely will be over soon when several major lenders resume more normal processing of delinquent mortgage cases after resolving issues with improper case documentation.
Marvin Dang, a Honolulu foreclosure attorney, said he expects a rebound as early as this month or next month.
“There should be some increases in foreclosures, though it’s hard to say how much,” he said.
Daren Blomquist, a RealtyTrac spokesman, said rebounds after the artificial lulls have already occurred in a few other states, and the trend most certainly will follow for Hawaii.
“Over the last three or four months, the (foreclosure) numbers have just fallen off a cliff,” he said. “It’s really too sudden of a decline to say that it’s a true market recovery.”
FORECLOSURE RANKING
Nevada had one foreclosure for every 88 homes in March. Below are the highest and lowest foreclosure filings:
» 1. Nevada 88
» 2. Arizona 175
» 3. California 223
» 4. Utah 278
» 5. Michigan 311
» 16. Hawaii 746
» 46. S. Dakota 3,264
» 47. Mississippi 3,456
» 48. W. Virginia 6,294
» 49. N. Dakota 12,657
» 50. Vermont 52,374
Source: RealtyTrac
Some lenders began announcing in October that they were voluntarily holding back on filing new foreclosure cases or selling repossessed homes after their loan documentation practices were called into question and rejected in some courts.
Since then, lenders including Bank of America, JPMorgan Chase and GMAC Mortgage have been addressing deficiencies. If problems are resolved, there will be a backlog of delinquent mortgages to process, though the size of a resurgence may be limited by processing capacity and take several months or more to return to more normal levels.
Eventually as the economy recovers, foreclosure filings will subside, but industry observers say it’s too soon to predict when that will likely happen given present instability in the economy and housing market.
Last month, foreclosure filings nationally fell 35 percent to 239,795 from 367,056 in March 2010, which represented the highest monthly total since RealtyTrac began publishing the data in 2005.
The national rate last month represented one foreclosure filing for every 542 households.
Hawaii had the 16th highest rate at one filing for every 746 households.
The worst rate was in Nevada, where there was one filing for every 88 households.
Kauai had the next best rate at one filing per 793 households, and the lowest number of filings at 38.
On Maui there were 161 filings, or one for every 414 households.
The worst rate was on Hawaii with one filing per 397 households based on 203 filings.
RealtyTrac counts three types of filings in its data that can occur at different stages of the foreclosure process — initial default notices, auction notices and lender repossessions.
Statewide, most Hawaii foreclosure filings, 365, were auction notices. Another 280 filings were lender repossessions, while just 46 filings were default notices.
The methodology produces a somewhat imprecise measure of how many homes are in the process of foreclosure because RealtyTrac counts different types of filings on the same property if they occur in different months, which means some properties may be counted in more than one month.
RealtyTrac also doesn’t exclude commercial property from its count, which means popular vacation property in Hawaii such as time shares and condominium-hotel units can be among RealtyTrac’s tally.
Lenders will soon resume processing of delinquencies
By Andrew Gomes
Article from: Star-Advertiser
It’s been relatively calm on Hawaii’s home foreclosure front during the past several months, but the storm could soon return.
Foreclosure activity in Hawaii real estate declined for a fourth consecutive month in March, falling 37 percent from a year earlier, according to a report industry research firm RealtyTrac released yesterday.
The count — 691 foreclosure filings last month — was the lowest in nearly two years. It was also less than half the record 1,629 reached in August.
But RealtyTrac and local foreclosure attorneys say recent declines likely will be over soon when several major lenders resume more normal processing of delinquent mortgage cases after resolving issues with improper case documentation.
Marvin Dang, a Honolulu foreclosure attorney, said he expects a rebound as early as this month or next month.
“There should be some increases in foreclosures, though it’s hard to say how much,” he said.
Daren Blomquist, a RealtyTrac spokesman, said rebounds after the artificial lulls have already occurred in a few other states, and the trend most certainly will follow for Hawaii.
“Over the last three or four months, the (foreclosure) numbers have just fallen off a cliff,” he said. “It’s really too sudden of a decline to say that it’s a true market recovery.”
FORECLOSURE RANKING
Nevada had one foreclosure for every 88 homes in March. Below are the highest and lowest foreclosure filings:
» 1. Nevada 88
» 2. Arizona 175
» 3. California 223
» 4. Utah 278
» 5. Michigan 311
» 16. Hawaii 746
» 46. S. Dakota 3,264
» 47. Mississippi 3,456
» 48. W. Virginia 6,294
» 49. N. Dakota 12,657
» 50. Vermont 52,374
Source: RealtyTrac
Some lenders began announcing in October that they were voluntarily holding back on filing new foreclosure cases or selling repossessed homes after their loan documentation practices were called into question and rejected in some courts.
Since then, lenders including Bank of America, JPMorgan Chase and GMAC Mortgage have been addressing deficiencies. If problems are resolved, there will be a backlog of delinquent mortgages to process, though the size of a resurgence may be limited by processing capacity and take several months or more to return to more normal levels.
Eventually as the economy recovers, foreclosure filings will subside, but industry observers say it’s too soon to predict when that will likely happen given present instability in the economy and housing market.
Last month, foreclosure filings nationally fell 35 percent to 239,795 from 367,056 in March 2010, which represented the highest monthly total since RealtyTrac began publishing the data in 2005.
The national rate last month represented one foreclosure filing for every 542 households.
Hawaii had the 16th highest rate at one filing for every 746 households.
The worst rate was in Nevada, where there was one filing for every 88 households.
Kauai had the next best rate at one filing per 793 households, and the lowest number of filings at 38.
On Maui there were 161 filings, or one for every 414 households.
The worst rate was on Hawaii with one filing per 397 households based on 203 filings.
RealtyTrac counts three types of filings in its data that can occur at different stages of the foreclosure process — initial default notices, auction notices and lender repossessions.
Statewide, most Hawaii foreclosure filings, 365, were auction notices. Another 280 filings were lender repossessions, while just 46 filings were default notices.
The methodology produces a somewhat imprecise measure of how many homes are in the process of foreclosure because RealtyTrac counts different types of filings on the same property if they occur in different months, which means some properties may be counted in more than one month.
RealtyTrac also doesn’t exclude commercial property from its count, which means popular vacation property in Hawaii such as time shares and condominium-hotel units can be among RealtyTrac’s tally.
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