Home Equity at lowest Level Since WWII
from today’s article from the Honolulu Advertiser dated June 6,2008
Let’s start Friday off with some good old doom and gloom from the Mainland. The media has discovered that as prices fall, the equity owners have becomes smaller. Since this sounds really scary it must be good to put into news articles.
Now we have something else to worry about, being “upside down” in your home. This can be a serious issue. When you become upside down, drinks fall out of glass, everything on TV looks funny and the doggy door is in the wrong place. So keep an eye on your neighbors and be careful if you see their home flip over.
After the article scares everyone with becoming upside down, it then makes the point that 1/3 of all homes are owned free and clear and therefore can’t ever be upside down.
Also, this article is a great example of the difference between what is happening on the Mainland and in Hawaii. In May we set a record for condominium media prices and single family home median prices are stable. In 60% of the neighborhoods single family median prices have actually increased over last year. That leaves 40% where prices have declined some – but not much.
Just one more reason why Hawaii is a great place to own real estate
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