Great Honolulu Foreclosure News
August 12th, 2010 categories: The Market
The Honolulu StarAdvertiser is reporting some great news!
“A 37-month string of rising Hawaii foreclosure filings was broken last month, but industry observers don’t agree on whether homeowner mortgage troubles are subsiding.”
CLICK HERE TO READ THE ENTIRE ARTICLE
The Honolulu real estate market has been brisk since the first of the year and this news could show that another drag on the market could be falling by the wayside.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Honolulu Foreclosures Up
August 2nd, 2010 categories: The Market
The Honolulu StarAdvertser is reporting a significant increase in the number of foreclosures in Honolulu. Generally, Honolulu includes all of the island of Oahu and since the reporting company, RealtyTrac, doesn’t delineate between the different communities it is difficult to tell whether the increase is in outlying areas or the urban core.
“Home foreclosures in Honolulu shot up more than 70 percent during the first half of this year even as foreclosure rates began abating in the hardest-hit cities on the mainland, according to report released today.
A total of 2,784 Honolulu homeowners received a foreclosure filing between January and the end of June, up 72.3 percent from the first half of 2009, according to the report from real estate research firm RealtyTrac.”
CLICK HERE TO READ THE ENTIRE ARTICLE
It seems that demand for well priced homes and condos in urban Honolulu is still high. Let’s see what happens over the next six months.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Don’t Hide If You Are In Foreclosure
July 28th, 2010 categories: Rants & Riffs
A recent article in Honolulu’s StarAdvertiser newspaper reminded me how important it is to face your problems. In the story they talk about how Hawaii’s foreclosure law favors lenders.
“The vast majority of residential foreclosures being conducted in Hawaii are proceeding under a state law that is more than a century old, provides no court oversight and is widely panned by consumer advocates for failing to adequately safeguard the rights of homeowners.
One expert who has analyzed foreclosure laws nationally says Hawaii’s 1874 law is among the weakest in the country, partly because it allows a home to be sold relatively quickly without safeguards common in other states.” CLICK HERE TO READ THE ENTIRE ARTICLE
Here a few simple rules if you can’t make your payments or if it looks like you are going to be foreclosed on your home.
1. Talk to the lender. Many people have told me that if you keep a line of communication open with the bank, they may have some latitude in giving you more time to work things out. If they won’t give you more time, then at least you will know their plan and how you will have to work within it.
2. Be realistic. If there is no way you can save your home, then accept that and try to use the foreclosure to your advantage.
3. Get legal advice. A foreclosure is no small thing and it is important that you to speak with a qualified attorney so that you know what rights you might have.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Honolulu Foreclosure Rate Lowest In Hawaii
July 21st, 2010 categories: The Market
The Honolulu StarAdvertiser is reporting an overall year over year drop is foreclosure filings statewide in Hawaii. But the really good news was found in Honolulu.
“By county in Hawaii, Honolulu had the most filings at 342, but it had the lowest rate, at one filing for every 986 households.”
CLICK HERE TO READ THE ENTIRE ARTICLE
Just a bit more good news that may be pointing to an improving urban Honolulu real estate market.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Buying REO’s & Bank Addenda
June 30th, 2010 categories: For Buyers, Negotiating Contracts, Video For Buyers
After a buyer makes an initial written offer on an REO much of the negotiation process is handled via email or verbally. Once a price is agreed upon then the REO Company will issue their particular form of many-paged addendum. If at all possible, try to get it in advance because they can hold surprises. Today’s video blog discusses how to plan for this process.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Honolulu Foreclosures Up & We’re Still Better Off
May 3rd, 2010 categories: For Buyers, For Sellers, The Market
Pacific Business News is reporting that Honolulu’s foreclosure rate increased by 123% year on year! Nice headline, but read further and you will find that our foreclosure rate is in the bottom half of the 206 surveyed metro areas.
“There were foreclosure filings on 1,564 properties, or one in every 216 households, according to the latest survey by Irvine, Calif.-based RealtyTrac Inc. The number of foreclosures jumped 14.8 percent from the previous quarter.
Honolulu ranked No. 110 for its foreclosure rate in the survey of 206 metropolitan markets in the United States.
Nationally, foreclosure filings grew 16 percent year over year to 932,234, or one in every 138 households. Filings were up 7.2 percent from the fourth quarter of 2009.” CLICK HERE TO READ THE PACIFIC BUSINESS NEWS ARTICLE.
I would rather see the number of foreclosed properties at a much lower level, but my nose tells me we are better off than most places.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Betting On Lower Foreclosures For Honolulu
April 16th, 2010 categories: For Buyers, For Sellers, The Market
Pacific Business News is reporting an increase in the number of foreclosures in Hawaii.
“That was 111 percent higher than the first quarter of 2009, but just 1.42 percent higher than the fourth quarter of 2009.
Nationally, there were foreclosure filings reported on 932,234 properties in the first quarter, or one in every 138 housing units, 16 percent higher than the first quarter of 2009 and 7 percent higher than the previous quarter, RealtyTrac said.” CLICK HERE TO READ THE ENTIRE PBN ARTICLE
Before you launch your life boat, when the numbers are looked at more closely, Hawaii is underperforming the national market (this is good). Note that Hawaii’s rate of foreclosure increased by 1.42% as compared to the last quarter and the national increase was 7% higher! I wish the report would have broken out the foreclosure rates on an island by island, as I would wager that the Honolulu real estate market has experienced a decrease in filings. As soon as I find the evidence, I will post the answer. Let’s hope I don’t lose.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Direction of Honolulu Real Estate Foreclosures…Up or Down?
January 28th, 2010 categories: Rants & Riffs, The Market
Which headline concerning foreclosures in Honolulu is correct?
Foreclosures running high-Honolulu Star Bulletin
Honolulu ranks lower in foreclosures-Pacific Business News
Here is what the Star Bulletin reported.
“Although Honolulu finished 2009 with fewer foreclosures per household than the national average, the city’s foreclosure activity increased at more than six times the national pace over the last 12 months and is expected to worsen this year.” CLICK HERE TO READ THE ARTICLE.
Here is what Pacific Business News reported.
“Despite a surge in foreclosures in 2009, Honolulu’s foreclosure rate ranked 128th out of 203 of the nation’s largest metropolitan areas, according to new statistics from RealtyTrac.” CLICK HERE TO READ THE ARTICLE.
Which paper is right? Read both articles and you can see how they are both right. The one you agree with may be an indication of your mental outlook. If you agree with PBN, then you may have an optimistic view of the future. It is the other, the opposite might be true.
SEARCH FOR YOUR HONOLULU HOME
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
| Discussion: No Comments »
Hawaii’s Foreclosures Are Up, But Is This Good?
January 18th, 2010 categories: The Market
Last Thursday’s Honolulu Advertiser reported an increase in foreclosures in Hawaii, but the subtitle read as follows, “data suggest worst may be over”. Deep in the article you find the answer postulated below.
“In what may be a silver lining, Hawai’i’s foreclosure count was largely due to a flurry of auction notices, which are filed near the end of the foreclosure process. Auction notices represented 1,241 of the 1,534 filings in December. Auction notices involve foreclosure cases that were started in earlier months.” CLICK HERE TO READ THE HONOLULU ADVERTISER ARTICLE
I guess they believe that in order for things to get better they have to get worse. In other words, they see this as a peak in foreclosure filings and they expect a decline hereafter. Let’s watch and hope.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
| Discussion: 2 Comments »
Is The Flipping Market Coming Back To Honolulu?
December 8th, 2009 categories: Homes For Sale
Today’s Wall Street Journal on-line had an article regarding a new type of real estate investor that is buying distressed properties and then re-selling them at a profit (thus they are called flippers).
“Now, a different breed of flipper is proliferating: one who seeks bargains at foreclosure auctions. Unlike the boom-time flippers, the latest generation needs cold cash, lots of local-market knowledge and strong nerves.”
CLICK HERE TO READ THE ENTIRE WALL STREET JOURNAL ARTICLE.
Is the Honolulu real estate market poised to see a gaggle of flippers jumping into the market (we saw many playing in the last up cycle)? We may see a few getting into the game, but I don’t think we will see the volume that were playing in 2004, 2005 and 2006. Here is why. Read the rest of this entry »
| Discussion: 1 Comment »
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