Hawaii Foreclosures Rise 340 Percent
Up until the last few months Hawaii was in the bottom third of all states for the amount of foreclosures. Hawaii foreclosures rose a whopping 340% in September compared to the same time last year. They were up approximately 76% from last month and that was a huge increase as well compared to last year same time period.
I guess the economists from Bank of Hawaii and the presidents from the larger real estate firms here on the island of Oahu were wrong again. They were saying 2 years ago that the Hawaii real estate market would not be affected and would just level off. They were even saying that just a few months ago as well. Lets be real, the Hawaii real estate market is going to adjust downward just like any other market and has been doing so for the past 2 years.
Hawaii real estate is a lot more affordable compared to two years ago. If you are buying for long term it may not be a bad time to buy because you can not predict the exact bottom of the market. If you are buying and planning on selling in the next three years, I would suggest holding off a bit to see what the market is going to do. Now with all that said, there are some great deals if you are patient and you do your home. The rise in Hawaii foreclosures creates prices to soften and great buying opportunities. Not just foreclosures either, it forces the really motivated sellers to compete and lower their prices as well.
Feel free to contact me and myself or one of my partners can help you locate a property that makes sense for you.
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3 Responses to “Hawaii Foreclosures Rise 340 Percent”
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I thought Las Vegas was bad, but 340%, that’s really high! Are you seeing the inventory moving?
Well Hawaii had hardly any compared to places like Las Vegas until that past few months. That’s why such a large increase in percentage. The well priced homes are selling like any market place.
i agree that the market here will soften over the next two years. oahu real estate has inflated to unsustainabe levels for 4 years and a median price correction to 400k - 450k will happen sometime late 2009 to early 2010. foreclosures were mainly out on the leeward side of oahu but something intereting is happening. although leeward oahu is still the foreclosure capitol on oahu, metro oahu and east oahu are seeing more foreclosures now than ever before. this will drive prices down in areas that were thought to be insulated from foreclosure and declining values. waiting to buy in all oahu markets is a smart thing at this point. good investment strategy.