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Although Hawaii has not in the past, been an area where there’s usually been lot of foreclosures, the current national situation is significant and bares watching, there are in fact more foreclosures occurring, even in Hawaii.
As you are aware, beginning mid year 2007 the national housing market started showing upheaval in credit markets, primarily because of the loose credit, made available by overenthusiastic young executives with little experience, manning the gates to the money, some unscrupulous mortgage brokers creating fraudulent loan packages and generous appraisals.
As of 1st Qtr 2008, Nevada, California, Arizona ranked 1,2 and 3 in the nation for foreclosure filings. Hawaii on the other hand was ranked 44th among the 50 states at 1 per 4,076 households. Comparatively speaking there are still not a lot of foreclosures occurring here in Hawaii, but we are experiencing more than we have in the past, because of these unusual circumstances. (data from Realty Track)
It’s important to understand that the national real estate market is divided into segments that are sharply different from one another, due to regional economics, employment opportunity, desirability of location, amount of inventory and so forth. Hawaii in general is in better shape than most, evidenced by the ranking above. Why? Because we appeal to the largest group of buyers in the market place, those who are getting ready to retire, who have accumulated good wealth and who in most cases are very credit worthy. Link that with the fact that we live on an Island where there’s a sense of safety and comfort, which seems like a very nice place to ride out any difficulties we may be facing. A location where housing opportunities ranging from the 2 bedroom 2 bath, new 1010 sq ft condo, with ocean view for $295,000, near Kailua Kona, to the mega buck estate property for the rich and famous.
As I look over the current pending foreclosures, I do notice some potential negatives in focusing too much in this category of property for sale. For example some of theses foreclosures are homes that have been on the market for sometime and haven’t sold because they were dogs to begin with. For this reason and others it’s every bit as important to keep track of the truly motivated sellers with quality properties willing to sell for an attractive price. It might sound paradoxical but these properties can be even more attractive and better deals than the strength foreclosure. Consider carefully the location, the quality and conditions of the property and the lesser hassle associated with a traditional escrow than with some foreclosures. Even though it takes a real market awareness to find these pearls, they are there.
All that said I encourage you to sign up below to receive free foreclosure updates. Also consider signing up for a specific mls search for the property of your dreams, if you haven’t already. This type of search provides you with any new listings that meet your criteria as soon as they are listed.
I only ask that if we find the right property through my web site and services that you’ll contact me to assist you in the negotiation and acquisition process.
