RealtyTrac, an online foreclosure marketplace, reported today that there were 972 foreclosure filings in February, which represented a 25.4 percent drop from the previous month and an 81 percent gain from February 2009.

The February tally, which equated to one in every 528 Hawaii properties in some stage of foreclosure, was below the national rate of one in every 418 households, according to RealtyTrac. Hawaii’s month-to-month decreases break a pattern of steady increases dating back to 2009, said Daren Blomquist, RealtyTrac’s marketing communications manager.

While this information comes as a strong and credible reason for optimism, skeptics are hesitant to mark this as a surefire turnaround. Any data set less than six months in length is often seen as too little information to truly forecast a full rebound in the housing market. Additionally, this data varies greatly from neighborhood to neighborhood across Oahu. Many Leeward communities such as Ewa Beach and Waianae are still posting higher than average foreclosures. Despite the cynicism, it cannot be argued that foreclosures are down, and home values are up; facts which the Hawaii Real Estate community has been aching to hear.

To view foreclosures throughout the state, check out Prudential Locations comprehensive Hawaii Foreclosure Listings

The entire Star Bulletin article may be accessed here: Hawaii foreclosures drop

Post from: Hawaii Real Estate Reporter

Signs of Recovery Abound: Foreclosures Down for Second Straight Month

The most recent Case-Schiller report on home prices in major cities showed that median prices in most cities have risen from year-before levels – New York is still falling – but most cities are still far below their highest medians.

Honolulu prices are stronger, according to economist Paul Brewbaker.

“Honolulu median single-family home prices peaked around $650,000 three years ago,” he said. “And the trough was in May 2009 around $550,000, and the February 2010 figure was about $600,000, all on a seasonally adjusted basis.”

In contrast, cities such as Las Vegas, Los Angeles and San Francisco continue to struggle with their home values. Prudential Locations’ own Bill Chee attributes the discrepancy to Hawaii’s perpetual housing shortage; whereas the markets in areas along the west coast and southwest have a surplus of homes. With median housing prices rising for two consecutive months to start 2010, it is plausible prices may recover to peak levels in the near future.

The entire article may be accessed here: Hawaii home values stronger than mainland

Post from: Hawaii Real Estate Reporter

Hawaii Among Leaders in Real Estate Resurgence

I think things are off and running again,” Brewbaker said yesterday after studying the most recent housing data from the Honolulu Board of Realtors.

Last month, single-family home sales rose 21.7 percent to 157 from the year prior’s 129, according to HBR statistics. More than half of those homes sold for $570,000 or more, representing a 3.6 percent climb in the median home price on Oahu. Condominium sales soared 44.4 percent to 231 from the 160 that changed hands in February 2009. The median price paid for a condominium rose 0.3 percent to $298,000 from the last year’s $297,000.

Though the million dollar benchmark may pose as a dramatic increase to many, much of the Hawaii community see this as simply inevitable change which rises with inflation.  Despite, this prediction comes as yet another indication that the housing market has begun its road towards recovery since its decline in 2008.  With interest rates remaining exceedingly low, and the discontinuation of the homebuyer tax credit at the end of April; many in the industry believe now is the time to buy.

The entire article may be accessed here: $1 million median forecast

Post from: Hawaii Real Estate Reporter

Hawaii Economist Predicts $1 Million Median Home Prices in Decade to Come

The median price for previously owned single-family homes was up 3.6 percent to $570,000 in February from $550,000 a year earlier, according to sale data from the Honolulu Board of Realtors.
The increase followed a 10.8 percent rise in January. For the two months combined, the median price is up 7.3 percent.
The median sale price for condominiums also was up, but only by 0.3 percent to $298,000, from $297,000 in the same period.

This change signifies the second consecutive month of a growth in sales price since the housing market downturn of 2008. Perhaps the strongest indicator that the bottom has already been reached, the rise in median sales price has significant value for buyers. This new data, coupled with the remarkably low interest rates has many in the housing market deeming 2010 an optimal year to purchase a home. Economists and realtors alike are encouraging consumers to buy before prices increase once more.  The question the Hawaiian Real Estate community now asks, is has the sun finally set on the housing recession?

The entire article may be accessed here: Oahu home sales show recovery, with prices up in past 2 months

Post from: Hawaii Real Estate Reporter

Changing of the Tide: Median Home Price Rises for Second Consecutive Month

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http://the.honoluluadvertiser.com/apps/bestofbest_dev2010.php   

Pass this on to you friends, family and clients.  We want to be voted #1 this year!

Post from: Hawaii Real Estate Reporter

Vote for Prudential Locations in Honolulu Advertiser’s “Best of the Best 2010″ Contest

The Federal Housing Finance Agency yesterday reported that O’ahu single-family home values in the fourth quarter of last year declined 5.8 percent compared with the fourth quarter of 2008.

While the home value figure was negative, it was smaller than the third-quarter decline. In fact, the recent result was the first time since decreases began in the second quarter of 2008 that the size of the decrease was smaller than the previous quarter’s decrease.

The fourth-quarter decline compared with a 6.5 percent decline in the third quarter and a 5.9 percent decline in the second quarter. The decline in the first quarter of last year was 4.7 percent.

This report is occasionally viewed with skepticism, as it is an expansive generalization of local housing markets.  Yet, The Honolulu Board of Realtors echoed the sentiment of rebound, as their January 2010 median price of homes was an improvement upon last year’s.  Though one may view this amount of data as insufficient to accurately forecast future market values, there is no doubt that this is a breath of fresh air to many homeowners throughout Hawaii.

The entire article may be accessed here: Oahu home prices may be stabilizing, with decline slowing

Post from: Hawaii Real Estate Reporter

Reasons for Optimism: Oahu Housing Market Continues to Rebound as Home Prices Stabilize

Post from: Hawaii Real Estate Reporter

VP of Prudential Locations Sales Scott Higashi Discusses Positive News for Hawaii Real Estate as Home Prices Fall. Recorded on KITV January 5, 2010.

Post from: Hawaii Real Estate Reporter

VP of Prudential Locations Sales Scott Higashi Discusses the Effects of the Federal Real Estate Tax Credit. Recorded on KITV November 6, 2009.

Post from: Hawaii Real Estate Reporter

VP of Prudential Locations Sales Scott Higashi Discusses the November 2009 Housing Market. Recorded on KITV December 3, 2009.

The new year is off to a strong start in real estate sales. The current rolling three-month period saw a significant increase in the number of sales for both single-family homes (up 48.1%) and condominiums (up 68.2%) in comparison to the same period last year. Single-family market areas such as North Shore (137.5%) and Pearl City-Aiea (127.8%) area and several condominium market areas such as Ala Moana-Kakaako (122.0%), Diamond Head-Kahala (116.7%) and Ewa (173.1%) experienced increases of over 100%.

Median prices have also started to stabilize in many single-family and condominium areas. Overall, the median price for a condominium is $304,000, up by 1.3% and the median price for a single-family home is down 3.7% at $578,000.

The entire report can be downloaded here: January 2010 Oahu Real Estate Report

Post from: Hawaii Real Estate Reporter

January 2010 Hawaii Real Estate Snapshot