Hawaii’s Foreclosure Rate up 145 Percent
135 foreclosures last month may not sound like a lot, but given Hawaii’s size it’s devastating. Amounting to one filing for every 3,638 households for Hawaii.
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Archive for the 'Hawaii' Category (Chronologically Listed)
Fraud Down in Phoenix Arizona
Jeffrey Allen Herald, 49 of Phoenix Arizona, was indited on October 19th on two counts of fraud and artifices and one count of theft for providing unlicensed legal and mortgage services.
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Posted by Ryan Fiore on Oct 22 2007 under Arizona, California, Florida, Hawaii, Mortgage Fraud, New Mexico, Texas, Utah, Washington
Hawaii Mortgage Rates Fall Fast
Hawaii’s second and third largest banks this week followed First Hawaiian Bank’s lead in lowering rates on 30-year, fixed-rate mortgages to 6 percent.
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Posted by Jed Moss on Sep 11 2007 under Hawaii
Hawaii Mortgage Activity Picks Up in Oahu
Sales of single-family homes and condominiums on the Oahu housing market hit a brisker pace last month, with the fewest average days on the market recorded this year.
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Posted by Jed Moss on Aug 06 2007 under Hawaii
Hawaii Home Prices Set Record
Hawaii home prices in Oahu set a new record in June.
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Posted by Jed Moss on Jul 06 2007 under Hawaii
Hawaii Home Loans Not as Delinquent as Rest of Nation
Home loan foreclosures are at an all-time high - one of every 200 mortgages ended that way in the first quarter - but Hawaii mortgage holders are more likely to be affected through weakened tourism than by large numbers of local homeowners going into foreclosure.
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Posted by Jed Moss on Jun 20 2007 under Hawaii
Hawaii Home Prices Level Out, Home Sales Fall
The mostly tame performance of the Oahu housing market this year continued in May, with fewer sales and modest median home price fluctuation compared with the same month a year ago.
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Posted by Richard Barber on Jun 07 2007 under Hawaii
Hawaii Housing Market Finds Balance
Ben Severson vividly remembers what a charged competitive environment it was three years ago when he was trying to buy a home amid the frenzy that was the Oahu housing market.
Posted by Richard Barber on May 08 2007 under Hawaii
Report: Oahu Housing Market Resilient
Home sales have slowed in the Honolulu housing market, but a new report finds that by several measures the Oahu real estate market is showing strength not seen on the Mainland.
Posted by Richard Barber on Apr 13 2007 under Hawaii
Hawaii Housing Market Projection: Single-Digit, Steady Appreciation
Despite a continued run-up in home prices and declining sales, the Honolulu housing market - and all of Hawaii - rank near the bottom for foreclosures in a recent national survey.
Hawaii mortgage foreclosures could grow by as much as a third in 2007 as more consumers default on loans and lenders tighten their underwriting standards, according to projections released by RealtyTrac, a leading online marketplace for foreclosures.
But while Hawaii foreclosure rates have continued growing along with the nation as a whole, mortgage foreclosures still have but a limited footprint on the islands.
Continued price appreciation and strong demand for properties in the Hawaii housing market appear to have insulated the Aloha state from developing the foreclosure conditions that many mainland markets are experiencing.
“Typically when market conditions start to drive foreclosure rates, we’ll see a flattening or a depreciation in home prices which doesn’t seem to be happening there,” said Rick Sharga, marketing director for RealtyTrac. “If sales are still strong, that tends to keep properties out of foreclosure.”
The forecast for Hawaii’s real estate market in 2007 is single-digit appreciation for both single family-homes and the condo market, with a continued decline in sales volume in 2007, said Scott Higashi, V.P. of sales for Prudential Locations.
“The most obvious comparisons for Hawaii would be California and Florida, but even there, market conditions are very different,” Sharga said. “There aren’t a lot of places where real estate is growing or appreciating.”
Hawaii reported 59 foreclosure filings in February, a rate of one mortgage loan default per every 7,806 households, according to RealtyTrac.
The state’s foreclosure activity, which ranked 43rd in the new RealtyTrac rankings, decreased nearly 40 percent from the prior month but was up 7.27 percent from February 2006.
“Month-to-month variations need to be taken with a grain of salt,” Sharga said. “However, if Hawaii’s local economy stays strong, and unemployment and mortgage interest rates remain low, you should stay below average.”
Nationally, foreclosures are up 12 percent year-over-year.
“Based on our numbers for the first two months of 2007, foreclosure rates are running at a level that would project to a 33 percent increase over 2006,” said James J. Saccacio, CEO of RealtyTrac.
The report showed a national foreclosure rate of one foreclosure filing for every 884 U.S. households during the month. Nevada, California and Florida posted the highest foreclosure rates in the nation along with Georgia, Michigan, Tennessee, Ohio, Texas, Arizona and Indiana.
SOURCE: Honolulu Star-Bulletin
Posted by Richard Barber on Mar 28 2007 under Hawaii