In a recent article sourced from Realty Trac, January foreclosure data in Hawaii and the mainland was reported. As a state, there were 337 filings in the month, more than double than the Jauary 2008 count of 123. Before August 2008, the average monthly amounts had been 149. As you can see from the chart, August launched the increase in filings and is directly attributed to the crisis that occurred in the national and global financial markets.
Of the state totals, Oahu (Honolulu County) had the highest count of filings at 152 but the lowest per household of one per 2,203. The other counties had per household filings of closer to one per 1,000 households.
As a total of the national filings, we continue to be a very small amount with the National total at 274,399 in the month of January alone. The statewide average of one per 1,504 households was significantly better than the national average of one filing per 466 households.
What I found to be the most interesting part of this report was the fact that until August 2008, the filings in Hawaii had continued to be well below the 300 to 400 per month that had been seen in the housing slump of the mid 90's. At our current levels, we find ourselves within a similar level of activity.
The numbers are staggering! When you think of 274,000 households being faced with foreclosure in a single month, it is impossible to not think of the national tragedy it represents. If home ownership is/was the American dream, is not over 1/4 million people losing that dream in a single month something that was unimaginable only a year or two ago?
Another thing that I find frightening in my own market area is the following. On Oahu, there are currently 70 single family homes and 54 condos/townhouses being offered for sale as lender owned and foreclosure properties. There are 222 single family and 226 condo/townhouses that are currently being offered as short sales. That is equal to over 572 properties that are either in or possibly heading toward foreclosure. That compares with the total of all properties closed on Oahu in January of 281. We currently have a 2 month inventory of just distressed property. I find that distressing.
My business involves all of the above. Both my office and myself work very closely with lenders who are the owners of foreclosed properties and with purchasers who purchase them. Based on what we see on the horizon and the time it requires for lenders to place the homes on the market once the foreclosure has occurred, I feel that we are only looking at the tip of the iceberg in the numbers above. If you have more questions on the subject, please feel free to contact me Here .
As the mainland goes, sooner or later, we seem to follow.
From conversations with friends in the business over the past year, as talk would turn to our individual markets, the tales of woe I heard from them seemed to be unimaginable. Lately, they seem more and more similar.
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Released: Monday, February 2, 2009 HONOLULU - The Honolulu Board of REALTORS® released resale figures today for the month of January. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
During January, sales of 122 single-family homes and 159 condominiums were reported through the Board's MLS, decreases of 46.5 percent for single-family homes and 50.9 percent for condominiums, compared to the same month last year. The median prices paid for island properties in the first month of 2009 were $539,500 and $305,000, respectively, decreases of 10.1 percent for single-family homes from the same time period in 2008 and 5.8 percent for condominiums. The total dollar sales volume generated in the housing market for the first month of this year was $145.6 million, a decrease of 57.9 percent, or $199.9 million, compared to the $345.5 million produced one year ago. "The current economic conditions are causing buyers to take a ‘wait-and-see' attitude, as evidenced by the slow sales in Oahu's residential housing marketing during January," said Sandra "Sam" Bangerter, President of the Honolulu Board of REALTORS®. "We hope that the federal efforts to restore not only the housing markets, but the entire economy, will be successful." "It appears that the housing market in Hawaii is now following the same pattern as on the Mainland, namely very slow sales and diminishing prices," added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. "Everything continues as normal, but smaller in scale, with a limited inventory and fewer new listings being added to the market. However, the increase in the number of properties that were put into pending status during January predicts that the market could be expanding in the coming months." (This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.) |
Aloha!
Most searches that are available to the public limit the ability to search for foreclosed property and short sales. If you are interested in finding Short Sales and Foreclosure sales in the Kapolei, Ko Olina and Ewa Beach areas, you will love this link! Search for Foreclosures
It will take you to a page with 8 one click searches covering our market, broken down by type of home, type of sale and location. If you would like to have your own customized website with your own search criteria and even have email notification when the property you've been waiting for becomes available, contact me and I can set a page up with searches just the way you want them.
For MLS searches of all properties available in Kapolei and Ko Olina, try this search page, Kapolei and Ko Olina MLS searches .
There is no registration or information required to use these searches, so enjoy them and let me know if you need more information.
If you would like to have a search based on your own parameters such as price, location and bedrooms and baths for instance, I am more than happy to set up a customized website for you with your own search criteria. If that is something you'd like to have, Click Here
Happy house hunting!
Mahalo
Michael Hege' RA
Kapolei Realty, Inc
(808) 225-3660
If you are interested in finding Short Sales and Foreclosure sales in the Kapolei, Ko Olina and Ewa Beach areas, you will love this link! Search for Foreclosures
It will take you to a page with 8 one click searches covering our market, broken down by type of home, type of sale and location. If you would like to have your own customized website with your own search criteria and even have email notification when the property you've been waiting for becomes available, contact me and I can set a page up with searches just the way you want them.
For MLS searches of all properties available in Kapolei and Ko Olina, try this search page, Kapolei and Ko Olina MLS searches .
There is no registration or information required to use these searches, so enjoy them and let me know if you need more information.
Happy house hunting!
Mahalo
Michael Hege' RA
Kapolei Realty, Inc
(808) 225-3660
Aloha! I like to think of myself as an Ambassador to the Kapolei community. I have been in real estate for almost 20 years now (yikes!) and have built my business by being an advocate for my clients.
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