Hawaii Mortgage Broker

Hawaii Real Estate Market

The Hawaii real estate market seems to be rallying, although that prediction may not hold up should the economy shift again. According to a March 11, 2010 article in the Pacific Business Journal, “The number of foreclosures in Hawaii fell 25 percent in February from the month before, though filings were up significantly year-over-year, evidence that residents are still struggling to make ends meet. Hawaii was No.14 in the nation for foreclosure filings, falling from 11th in January – its highest ranking ever for foreclosure rates among the states in a national survey by RealtyTrac Inc., an online marketplace for foreclosure properties.” The article continued to note that “Foreclosure filings in February were reported on 972 Hawaii properties, or one for every 528 households, according to the Irvine, Calif.-based company. That’s down from 1,302 foreclosure filings, or one for every 394 housing units, the previous month, but 81 percent higher than a year earlier.”

This same good news for Hawaii real estate for sale was mentioned in a March 11, 2010 article in Business Week, which noted that “A real estate research firm is reporting there were 972 foreclosure filings in Hawaii in February. The figure reported Thursday by foreclosure listing firm RealtyTrac represents an 81 percent increase 537 filings in February 2009.” The article, which was released by the Associated Press, continued to state that “However, the number of filings was down from 1,534 in December and 1,302 in January. Even so, February’s count was the fourth-highest on record in Hawaii. RealtyTrac’s marketing strategy communications manager, Daren Blomquist, says its too early to call two months of decline a downward trend.”

Hawaii homes for sale have been rallying, especially in the resort market, according to a March 25, 2010 article in the Pacific Business News. The article noted that “Home sales in Hawaii’s resort market began to show a rebound in 2009, with just a 2 percent decline in sales from the previous year, according to a new report. The 2 percent decline followed a 37 percent drop in 2008 and was the smallest decline the market began to drop in 2006…”