Hawaii foreclosures up; the beginning of the end?
TheHawaiiChannel.com reports that foreclosures have risen sharply on Oahu this month:
Keep your eyes open - Hawaii follows Mainland trends by several years. It's about time all the sub prime loans came to pay the piper.
"Six months ago, we were looking at maybe 30 foreclosures a month. Today, we are looking for 100 new foreclosures a month," foreclosure investor Courtney Brown said.
posted by AlohaBubble @ 12:04 AM
11 comments
11 Comments:
We are not immune. We are lagging because of last year's final, desperate crop of refinancings.
This recent rise of foreclosures is the tip of the iceberg. The trend is just beginning. Alt-A resets have barely started, and it is NOT contained in subprime.
It's common sense, really. Median income about $65,000, median price about $600,000. The monthly payments on a fully amortized loan exceed monthly income.
The only thing propping up the mass stupidity of overpaying was criminally reckless lending.
Different market, same loans.
So glad to see posts on this blog again!
I have no special financial or real estate expertise, and I have based my belief that the bottom would have to fall out of the Hawaii market on common sense. But try to have a realistic conversation about housing with anyone here with a vested interest in maintaining the status quo, and they look at you like you're crazy... It has felt a bit like living in the Twilight Zone, and I had started to question if it would ever happen myself.
I feel for the individuals losing their homes, but something had to give, and 'they' (meaning everyone from all sides who contributed to this mess) certainly didn't care about the people they were pricing out of the market on the way up.
Foreclosures are up? Prices are about to come down. This is GREAT news to me.
Would like to see more updates on this blod. I love to hear anything from Hawaii.
Regards
Rolf (from Switzerland)
An impression of Hawaii
Foreign investment on the back of the dollar dive may make Oahu less of a prone to the crash we will see on the mainland.
The prices from overseas on real estate have gotten 20-30% more reasonable.
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anybody got any data to share?
anybody got honolulu data to share?
only for europeans. yen did not change that much.
Why would a diving dollar make Hawaii's real estate stronger than those on the mainland? Do we use a different currency?? Besides, why buy real estate when you can buy Citigroup? The real estate market is so over. Heck, it's never been a better long-term investment than equities anyway.
Hey, great blog. I live in Hawaii, make real estate software, and have been looking for a local equivalent of irvinehousingblog or doctorhousingbubble, both based in socal. It would be great if you started posting again. I'd be a regular visitor. Thanks!
To all the people saying that right now is the right time to buy... let's see how you feel in 3-6 months.
Damn sharks.
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