Foreclosures hit Maui hard - Business News

Full story: Honolulu Star-Bulletin

Maui's main metro area was worse than the national foreclosure rate average while Honolulu appeared in the bottom half of nationwide rankings released today by RealtyTrac.
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Yes We Cant

Fort Huachuca, AZ

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#1
Jul 30, 2009
 

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It will get better, NoBama will save us.
statewide

Kihei, HI

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#2
Jul 30, 2009
 

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Foreclosures used to be reported statewide with a national rankings by states. I just wonder why the change.

Where is Hawaii ranks?
Indy

United States

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#3
Jul 30, 2009
 

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Yes We Cant wrote:
It will get better, NoBama will save us.
I believe you mean Obama, as in President of the United States of America. And it won't be the first or last Bush mess, left for someone with a brain to clean up.

“Live Love Laugh.. and Surf! :)”

Since: Aug 08

Kaimuki,Hilo,Ka'u, Kaupo

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#4
Jul 30, 2009
 

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It's obvious that the editor(s) did not differentiate between primary residences and investor-owned properties.
kapaa

Wahiawa, HI

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Jul 30, 2009
 

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I hope the greedy speculators and real estate people loss some more.These Artificiuly inflated prices need to come down alot more for the people of Hawaii.Do Not Buy Now ! Wait it will get alot cheaper as these greedy people leave town and more forclosers happen.Mahalo
braindead

Honolulu, HI

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#7
Jul 30, 2009
 

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Yes We Cant wrote:
It will get better, NoBama will save us.
We're talking about real estate in Hawaii and this is what you have to offer? No wonder the Republicans got booted out and are wondering aimlessly. Just like you, they're ALL CLUELESS!
Yes We Cant

Fort Huachuca, AZ

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Jul 30, 2009
 

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Indy wrote:
<quoted text>
I believe you mean Obama, as in President of the United States of America. And it won't be the first or last Bush mess, left for someone with a brain to clean up.
The Blame Bush thing is getting really old. You sound just like NoBama.
wendell

Honolulu, HI

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#9
Jul 30, 2009
 

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too many people on Maui, now they can move to Tennessee and live in happiness
JEALOUS HATER

Costa Mesa, CA

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Jul 30, 2009
 

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kapaa wrote:
I hope the greedy speculators and real estate people loss some more.These Artificiuly inflated prices need to come down alot more for the people of Hawaii.Do Not Buy Now ! Wait it will get alot cheaper as these greedy people leave town and more forclosers happen.Mahalo
...yeah...lets get rid of everyone that has a nickel more than we do!
Aloha

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#11
Jul 30, 2009
 

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Maybe "real" people, e.g. herd-working families, etc. can afford to buy a place to call home in the near future.
It has been going on for far too long, investors buying up everything and driving up prices.
Now they finally pay the price!
Grinchie

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#12
Jul 30, 2009
 

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Yes We Cant wrote:
<quoted text>
The Blame Bush thing is getting really old. You sound just like NoBama.
Hah hah hah Blaming Bush will never grow old. That idiot will be remembered for his stupidity and destruction of the American Constitution for centuries to come.

Dubya is a timeless idiot.
anobody

Hilo, HI

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Jul 30, 2009
 

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wendell wrote:
too many people on Maui, now they can move to Tennessee and live in happiness
Most Mauians not even from here.
EndOfEmpire

Honolulu, HI

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Jul 30, 2009
 

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"It's hard to know exactly what is going on in the neighbor islands and why those areas have significantly higher foreclosure rates than Honolulu, but they have less economic diversity and are more susceptible to changes in the economic climate," Blomquist said.

One word: Speculators. That and the 1,400+ Realtors churning up phony demand on an island with a population of 140,000.
JOF

San Francisco, CA

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#15
Jul 30, 2009
 

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Maui has a main metro area? Who knew!?
alice

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Jul 30, 2009
 

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Grinchie wrote:
<quoted text>
Hah hah hah Blaming Bush will never grow old. That idiot will be remembered for his stupidity and destruction of the American Constitution for centuries to come.
Dubya is a timeless idiot.
very true..Bush hated America and hurt this coutnry badly
Oh no

Kihei, HI

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#17
Jul 31, 2009
 
Anyone noticed that the Honolulu Advertiser did not have a similar article? Am I missing anything?
Oh no

Kihei, HI

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#18
Jul 31, 2009
 

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http://www.mauinews.com/page/content.detail/i...

"Hawaii had the 15th highest number of foreclosure filings per household last month among the 50 states."

More to come. Maybe top 5?
Grinchie

United States

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#19
Jul 31, 2009
 

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EndOfEmpire wrote:
"It's hard to know exactly what is going on in the neighbor islands and why those areas have significantly higher foreclosure rates than Honolulu, but they have less economic diversity and are more susceptible to changes in the economic climate," Blomquist said.
One word: Speculators. That and the 1,400+ Realtors churning up phony demand on an island with a population of 140,000.
Don't forget County Finance Officers using the bubble as an excuses to inflate Appraisals by 300%+ in the past 3 years.

Then of course, the counties see the windfall profits from tax revenue and promptly write them into the budget as if it is a given.

Well, taxing undeveloped, roadless, lava lands at an appraised rate of $4,000 to $6,000 bucks an acre due to speculation and the bubble is a sure fire way to drive out Farmers and speculators alike.

As the property tax revenue crashes due to unrealistic appraisals driven by the bubble, the Counties find themselves without money, and forced to make drastic cuts, or get caught in the Debt loop just like everyone else.

And don't forget that the speculators, now holding land that has really no intrinsic value when based on economic fundamentals, like agricultural production or god forbid more development, are doing the only thing they can when trying to unload these overweight parcels, use the County Tax Assessors appraised values to list the property!

The counties are is such a bad place right now, they probably have a backlog of 7 years of reappraising the land back down to the real value based of fundamentals. It's going to be a bloodbath.

The interesting thing to watch is who breaks down and actually lowers the values back to earth. Will the County Finance Officers Lower appraised values, thus triggering lower listing prices by the Realtors/Speculators? Or will the Specualtors grow weary of Carrying overbloated, highly tax, incorrectly appraised properties?

Right now, it's a standoff, as neither party to this fraud has the guts to make the next move.
Worst Is Yet to Come

Kalaheo, HI

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#21
Jul 31, 2009
 

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Grinchie wrote:
<quoted text>
Hah hah hah Blaming Bush will never grow old. That idiot will be remembered for his stupidity and destruction of the American Constitution for centuries to come.
Dubya is a timeless idiot.
When all is said and done, Obama may be known as the one who presided over our nation's fall.
Guru

Costa Mesa, CA

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#22
Jul 31, 2009
 

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Grinchie wrote:
<quoted text>
Don't forget County Finance Officers using the bubble as an excuses to inflate Appraisals by 300%+ in the past 3 years.
Then of course, the counties see the windfall profits from tax revenue and promptly write them into the budget as if it is a given.
Well, taxing undeveloped, roadless, lava lands at an appraised rate of $4,000 to $6,000 bucks an acre due to speculation and the bubble is a sure fire way to drive out Farmers and speculators alike.
As the property tax revenue crashes due to unrealistic appraisals driven by the bubble, the Counties find themselves without money, and forced to make drastic cuts, or get caught in the Debt loop just like everyone else.
And don't forget that the speculators, now holding land that has really no intrinsic value when based on economic fundamentals, like agricultural production or god forbid more development, are doing the only thing they can when trying to unload these overweight parcels, use the County Tax Assessors appraised values to list the property!
The counties are is such a bad place right now, they probably have a backlog of 7 years of reappraising the land back down to the real value based of fundamentals. It's going to be a bloodbath.
The interesting thing to watch is who breaks down and actually lowers the values back to earth. Will the County Finance Officers Lower appraised values, thus triggering lower listing prices by the Realtors/Speculators? Or will the Specualtors grow weary of Carrying overbloated, highly tax, incorrectly appraised properties?
Right now, it's a standoff, as neither party to this fraud has the guts to make the next move.
Did you hear the lastest news from several of the gold mining companies??? The lava fields in Hawaii have huge quantities of microscopic gold in them...and each acre of land has at least $1-6 million in gold in them. The hard part is the processing, which they have just solved. They are ready to decend on Hawaii right now.

Did anyone hear/see this last week on the WSJ? Neither did I.-;)

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