Maui leads in foreclosures - Hawaii Business

Maui's foreclosure rate surpassed the national level in September and activity on Maui and Kauai overtook the nation during the third quarter, according to data released today from RealtyTrac.

[glenn paul]

Jappie wrote:

House prices will keep falling in most places because those prices are still dangerously high compared to incomes and rents. Banks say a safe mortgage is a maximum of 3 times the buyer's yearly income with 20% downpayment. Landlords say a safe price is a maximum of 15 times the tenant's yearly rent. Yet in coastal areas, both those safety rules are still being violated. Buyers are still borrowing 6 times their income and putting only 3% down, and sellers are still asking 30 times annual rent, even after recent price declines. Renting is a cash business that reflects what people can really pay based on their salary, not how much they can borrow. Salaries and rents prove that prices will keep falling for a long time. Anyone who bought a "bargain" this time last year is already sitting on a very painful loss. More on patrick.net

Jappie., you make some very good points. I don't think anyone can argue with you. Aloha from Northeast PA.

[bubba]

The price of real estate had changed the demographics of our neighborhood, with only people from afar able to afford to buy anything. This was a sea change from our land being here to provide homes for the residents. Hope it keeps dropping, it's the only way local people can afford to still live in their homes. With each sale that rose in value, so did everyone's taxes go up, making it difficult for long time residents. And when the property value was so high,the foreigners set about building resorts in our residential neighborhoods, now coming to the bank with business plans. Sorry for the families that are loosing their homes, happy for the developers that lose it.

[vilionosai]

yeah maui congrats....been over priced for a long time

[JoeLocal]

I wonder how many of the foreclosures are in Kihei, Lahaina and Paia? A lot of haoles moved in and now are moving out. And since these are their second homes, they just let them go down the tubes.

But don't worry, even though they are here only 4 months of the year they have a years worth of complaining to do. Cane smoke, whales, locals....

[wow]

With the influx of haoles came the inlfux of fake wealth and debt. Look for Kailua and Kaneohe to get slammed next.
What is so appealing about Maui and Kailua anyway?? Plenty haoles??? Or.... it is SO different from the haole town I'm from.

[Da kine]

Da is cero news for an island da is another "State"

[Kimo]

If you don't have the cash, don't buy it...

[Kimo]

wow wrote:

With the influx of haoles came the inlfux of fake wealth and debt. Look for Kailua and Kaneohe to get slammed next.
What is so appealing about Maui and Kailua anyway?? Plenty haoles??? Or.... it is SO different from the haole town I'm from.

You can thank Lingle and Hanneman--they opened the doors to needless construction and development for very high-ended/expensive housing/condo' and the only Buyer's were FOREIGN and not necessariy CAUCASIANS. In fact the majority of Buyer's are from Taiwan, Japan, Phillipines, and Europe, and then some Mainland/Caucasians... Linle/Hanneman/Inouye gave them huge TAX CREDITS which allowed Mainland Developer's and Local Developer's to enjoy HUGE PROFITS--at YOUR EXPENSE! Study the facts before you point you're finger, because it's your brother's who created the problems, not the Vultures from the Mainland who came to pick the bones off the carcases of the dead and dying...

[Maui Realtor]

Record High Defaults=CHECK

Record High Foreclosures=CHECK

Record Low Sales=CHECK

Record Price Declines=CHECK

Folks,

DO NOT buy any housing right now.

There is no stabilization in housing until we get back to early 1990's prices, possibly even early 1980's.

Let housing prices and rents collapse and don't get in the way.

Let it crash.

[Martin Turow]

So where is Harvey Shapiro's shibai commentary/spin? We've hit bottom. Market turning around. This is finally the end.

Truth is this is just the beginning. Hawaii hasn't seen anything yet.

[Martin Turow]

Yes, let's blame everything on them damn haoles. I believe the first real estate speculator was Captain Cook.

[Bonnebaker]

The neighbor islands are definitely skewing the data for Oahu (the island that is doing the best). Fortunately many areas on Oahu are starting to move. I believe we have already hit bottom in the market. Just look at the latest market statistics...http://bonnebaker .com/2009/10/06/honolulu-septe mber-2009-housing-statistics

[Dollar bill]

Agree with some of the posters on not buying what you can't afford . I lived on Maui for many years ,yes it is a tourist island and not too much other types of businesses. The reason people liked it so much is it is beautiful -wow and can't be beat easily .Yes it is overpriced ,flakey and crowded and the rents are nuts expensive . Sad many people's kids have felt the need to go to the mainland for their futures and being able to buy a place ,sad.
Truth is Maui is a 'paradise lost' for some and paradise found for some too -just be ready to pay for it -it comes at a big price.

[Fisherman]

Dollar bill wrote:

Agree with some of the posters on not buying what you can't afford . I lived on Maui for many years ,yes it is a tourist island and not too much other types of businesses. The reason people liked it so much is it is beautiful -wow and can't be beat easily .Yes it is overpriced ,flakey and crowded and the rents are nuts expensive . Sad many people's kids have felt the need to go to the mainland for their futures and being able to buy a place ,sad.
Truth is Maui is a 'paradise lost' for some and paradise found for some too -just be ready to pay for it -it comes at a big price.

You're right about the big price, don't end up in a bucket full of crabs.

[STOP FORECLOSURE]

Law Firm is helping home owners in Maui to save their homes from foreclosure.
The attorney and his legal assistant will be arriving in Maui on 1/28/2010 to access and provide home owners with the help needed to stay in their homes. The law firm has helped some of the home owners in Maui save their homes by stopping foreclosure sale.
It is imperative to pass the word that this attorney will be in Maui to help the people of our communities. They are very good and have helped many of Maui homeowners over the past few weeks.
If anyone is interested your should tell them to contact Bishop Austin & Associates at
877-208-8616 for help to stop foreclosure.

[STOP FORECLOSURE]

Law Firm is helping home owners in Maui to save their homes from foreclosure.
The attorney and his legal assistant will be arriving in Maui on 1/28/2010 to access and provide home owners with the help needed to stay in their homes. The law firm has helped some of the home owners in Maui save their homes by stopping foreclosure sale.
It is imperative to pass the word that this attorney will be in Maui to help the people of our communities. They are very good and have helped many of Maui homeowners over the past few weeks.
If anyone is interested your should tell them to contact Bishop Austin & Associates at
877-208-8616 for help to stop foreclosure

[No Can]

STOP FORECLOSURE wrote:

Law Firm is helping home owners in Maui to save their homes from foreclosure.
The attorney and his legal assistant will be arriving in Maui on 1/28/2010 to access and provide home owners with the help needed to stay in their homes. The law firm has helped some of the home owners in Maui save their homes by stopping foreclosure sale.
It is imperative to pass the word that this attorney will be in Maui to help the people of our communities. They are very good and have helped many of Maui homeowners over the past few weeks.
If anyone is interested your should tell them to contact Bishop Austin & Associates at
877-208-8616 for help to stop foreclosure.

Donʻt do us any favors Mr. Attorney. Foreclosures are part of the market cycle, housing needs to come down another 30% or more for people who really live here and consider their homes as shelter, not an "investment."