Foreclosures hit Maui hard - Hawaii Business

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.

[Nogantoe]

Nationally, 25% of houses bought the last few years were pure speculation, not houses to live in, and the speculators are going into foreclosure in large numbers now. Even the National Association of House Builders admits that "Investor-driven price appreciation looms over some housing markets."
More on www.patrick.net

[dad]

Oahu expects Chinese visitors to triple in next few years.

[Homes Overpriced]

Unfortunately, we are not going to see affordable homes to buy or rent in Hawaii. We should blame the greedy real estate investors who flipped houses during the boom years and skimmed off all the equity as properties appreciated. This kept going on with the mentality of "buy high and sell higher." The sky appeared to be the limit. The local middle class owner-occupants who needed a place to live got caught up in the rising prices and bought "overpriced turkeys" just to keep from missing the boat. Real estate investors including many non-residents made huge profits here which inflated home prices for the local people. Now if State workers or average people in private get laid off, then they will not be able to pay their high mortgages and lose their home that they overpaid for.

[wendell]

too bad for you

[makapiopio]

Homes Overpriced wrote:

Unfortunately, we are not going to see affordable homes to buy or rent in Hawaii. We should blame the greedy real estate investors who flipped houses during the boom years and skimmed off all the equity as properties appreciated. This kept going on with the mentality of "buy high and sell higher." The sky appeared to be the limit. The local middle class owner-occupants who needed a place to live got caught up in the rising prices and bought "overpriced turkeys" just to keep from missing the boat. Real estate investors including many non-residents made huge profits here which inflated home prices for the local people. Now if State workers or average people in private get laid off, then they will not be able to pay their high mortgages and lose their home that they overpaid for.

right on da kinipopo bruddah/sistah......

[Dakar]

dad wrote:

Oahu expects Chinese visitors to triple in next few years.

So what? They're an infinitesimal proportion of the visitor market, will remain so for many years. and certainly not going to significantly impact real estate during the current declining portion of the cycle.

[President Stupidly]

Thank Senators Chris Dodd and Barney Frank...the lefty ninja loan specialists. Next stop, National Health Care for illegals...yippee.

Ummm, didn't the President just say he had fixed the economy with the stimulus?

[Moke Kimo]

Homes Overpriced wrote:

Unfortunately, we are not going to see affordable homes to buy or rent in Hawaii. We should blame the greedy real estate investors who flipped houses during the boom years and skimmed off all the equity as properties appreciated. This kept going on with the mentality of "buy high and sell higher." The sky appeared to be the limit. The local middle class owner-occupants who needed a place to live got caught up in the rising prices and bought "overpriced turkeys" just to keep from missing the boat. Real estate investors including many non-residents made huge profits here which inflated home prices for the local people. Now if State workers or average people in private get laid off, then they will not be able to pay their high mortgages and lose their home that they overpaid for.

local realtors espouse the "greater fool theory" to mainlanders... "real estate is different here" they say.... NO, IT IS NOT!

just many more great fools...

[alice]

Maui is overbuilt

[Which School]

So Alice which College are you at now??? U left UH ???

[crysomemore]

President Stupidly wrote:

Thank Senators Chris Dodd and Barney Frank...the lefty ninja loan specialists. Next stop, National Health Care for illegals...yippee.
Ummm, didn't the President just say he had fixed the economy with the stimulus?

Whaaaaaaaa, Boooo hoooooo... Dude, you lost the election. Best thing you can do now is go work for your poster girl Palin. she's the best chance you have to win the next election... Ha ha ha ha !!

[Franki]

Mainlander here in a Rocky Mountain ski resort town. Same issues here. Same bulls**t from the real estate agents. We're overbuilt & too many people believed the propaganda that things were different. This is a worldwide economic shift and the bubble won't be blown back up.

[Jeff]

Every city says the same thing all the time. "It's bad here but it's worse elsewhere!" what does that statement have to do with anything.