Ok, we had conflicting headlines about the foreclosure situation in Hawaii – now it is time for a look at the Mainland. Although Hawaii is doing pretty well, according to an Associated Press article dated July 10, 2008, foreclosures are up 53% nationally from June 2007. Here’s an idea for a slogan: “Mainland news: all bad all the time”.
The summary is this: too many loans were made to people who should not have received them. If a lender makes a loan to someone who has no money and no job, why then would the lender be surprised if the home ends up in foreclosure? It appears that the moral of all of this drama about foreclosures is that people who get loans should have at least some money, and a job would be good too. But don’t worry, the Government is going to save the day – not.
However, there is some encouraging news for our friends on the mainland which fits in with a pattern we’ve been seeing here in Hawaii. According to stats from online foreclosure marketplace Realtytrac, National foreclosures were down 3 percent From May to june. In Hawaii, Foreclosures were down 22 percent from April to May and 17 percent from May to June.
Hawaii’s foreclosure rate is far lower than the national average. 1 in 3,676 Hawaii homes are in foreclosure, compared with 1 in 501 Nationally.
July 24th, 2008 at 8:31 pm
Hawaii should remain ok due to our limited supply.
Aloha,
Keahi