Honolulu Foreclosure Rate Goes Down?
July 22nd, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Almost every day I speak with buyers from mainland markets that are experiencing significant downturns and a great deal of gloom and doom. Because their markets are hurting they believe there may be opportunities to buy properties in Honolulu at discounts comparable to their home markets. Our market is down some, but it is not off the 30- 50% that I am hearing some parts of the mainland are experiencing. Let me be clear, there are good values in our market as compared to our recent highs (2005 and 2006). However, it is unrealistic to believe that one is going to buy in core Honolulu at a 30-50% discount. As I have said in other posts, Honolulu proper does not have a significant way to increase the supply of houses and our ability to increase the number of condominiums is greatly hampered over the long run too. I cannot tell you if our market is at a bottom or if it will continue to slide, but if you are a long-term investor, I am perfectly comfortable with you making a purchase today.
A recent article in the Honolulu Star bulletin reflected that even though we have been seeing foreclosures, Honolulu dropped from 40th in the nation to 45th from June of 07 to June of 08. Quoting the article.
“Hawaii recorded a 17 percent decrease in June foreclosures from the prior month, driving the state to 45th in a national survey, down from 42nd in May, according to RealtyTrac, an online marketplace for foreclosure properties. Hawaii ranked No. 40 in June 2007.”
CLICK HERE TO READ THE HONOLULU STAR BULLETIN ARTICLE
Call me an optimist, I have had the good fortune to have been through three “down cycles” and I have noticed that people who have the courage to purchase in times like these, over the long run, can make fortunes.
Today’s picture is of Honolulu Harbor and was take from the 9th floor of the Harbor Court parking structure.
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