October foreclosure rate rises - Hawa...

October foreclosure rate rises - Hawaii Business

There are 18 comments on the Honolulu Star-Bulletin story from Nov 12, 2009, titled October foreclosure rate rises - Hawaii Business. In it, Honolulu Star-Bulletin reports that:

Hawaii foreclosures rose in October to their third highest total of the year, more than doubling from the prior year, according to data released today by the online foreclosure marketplace RealtyTrac.

Join the discussion below, or Read more at Honolulu Star-Bulletin.

Kwak

Ross, CA

#1 Nov 12, 2009
Newspapers earn money from advertising placed by realtors, lenders, and mortgage brokers, so papers are pressured by that money to publish the real estate industry's unrealistic forecasts. Worse, realtors have a near-monopoly on sale price information, and newspaper reporters never ask realtors hard questions like "how do we know you're not lying about those prices?" The result is an endless stream of stories reporting that the National Association of Realtors (NAR) says it's a good time to buy. Asking the NAR about housing is like walking into a used car dealership and asking the salesman if today would be a good day to buy a car. More on patrick.net
Kill the Unions

Honolulu, HI

#2 Nov 12, 2009
Mahalo Mayor Mufi!

Yuor .5% tax hike hijack is adding cumulative pressure not only in Honolulu but all Hawaii when goods and services transit thru Honolulu.

You s.o.b.
glenn paul

Johnson City, NY

#3 Nov 12, 2009
Did anyone watch the early news? MSNBC was saying how wonderful it is that there were only over 500,000 jobs lost last month. 12,000 less than expected. That proved the economy is on the rise. ITS JUST GOOD NEWS THEY SAY. Bagalony, tell that to the over 500,000 people who were out of a job last month.
Finder1

United States

#4 Nov 12, 2009
When will the price of housing fall? It is only a matter of time when Banks begin to sell the foreclosed homes. Our housing prices have we overvalued for years after the run up of 2002-2006. Time for reality to sink in and get house and condo prices back to reality. The loss of state jobs, furloughs, cuts in the private sector, down tourism numbers and room rates all forcast a downturn in housing values. It is only a matter of time.
glenn paul

Johnson City, NY

#5 Nov 12, 2009
Kill the Unions wrote:
Mahalo Mayor Mufi!
Yuor .5% tax hike hijack is adding cumulative pressure not only in Honolulu but all Hawaii when goods and services transit thru Honolulu.
You s.o.b.
"Kill the Unions" Understand what you are saying. However, I wouldn't call the may or an SOB. I don't live in Honolulu but, if you have a complaint or question, write the mayor. He will respond. Did it twice. Aloha from Northeast PA.
Richard Head

Kahului, HI

#6 Nov 12, 2009
That is a good question. There has been a recent frenzy of real estate purchases which has caused bidding wars and drastically overpaying for properties. For some reason, people can't seem to figure out that purchasing a property based on monthly payments due to low interest rates is the exact recipe for disaster that has led hundreds of thousands of Americans down the path to foreclosure. The final purchase price of a property is what matters the most as interest rates will fluctuate with the economy. For example, would you pay $35K for a Toyota Corolla if the interest were so low that it made your monthly payment affordable? Of course not because when times change (furloughs, pay cuts, layoffs, lower pay due to economic cycles) and you need to sell the vehicle, you would not be able to find anyone willing to pay nearly that much for it. The same principle applies to real estate. I can only hope for the sake of all that we all can learn some discipline in our spending else things will get worse.
Finder1 wrote:
When will the price of housing fall? It is only a matter of time when Banks begin to sell the foreclosed homes. Our housing prices have we overvalued for years after the run up of 2002-2006. Time for reality to sink in and get house and condo prices back to reality. The loss of state jobs, furloughs, cuts in the private sector, down tourism numbers and room rates all forcast a downturn in housing values. It is only a matter of time.
Tama Samoa

Kihei, HI

#7 Nov 12, 2009
Obama said we are out of recession,

unemplyment above 10% and forclosure keep rising are good signs that we are out of this recession.

Well, either Obama is a complete liar or he just don't know nothing about the economy.

IMPEACH THIS LIAR AND SAVE OUR NATION AND OUR ECONOMY!!!!YES WE CAN!!!!
leeward lolo

Elgin, IL

#8 Nov 12, 2009
Finder1 wrote:
When will the price of housing fall? It is only a matter of time when Banks begin to sell the foreclosed homes. Our housing prices have we overvalued for years after the run up of 2002-2006. Time for reality to sink in and get house and condo prices back to reality. The loss of state jobs, furloughs, cuts in the private sector, down tourism numbers and room rates all forcast a downturn in housing values. It is only a matter of time.
Don't wait for bargains to find you, find them.
I closed in August on a condo I had looked at three years ago, I paid less than half what the asking price was then.
Do not be afraid to go in with a low, low offer, one you would not expect them to accept, and negotiate from there. Foreclosures are odd to purchase, so many people involved you never know what is happening,.

Again, find what you want and then, unfortunately, it becomes necessary to bring in real estate agents.
leeward lolo

Elgin, IL

#9 Nov 12, 2009
glenn paul wrote:
<quoted text>"Kill the Unions" Understand what you are saying. However, I wouldn't call the may or an SOB. I don't live in Honolulu but, if you have a complaint or question, write the mayor. He will respond. Did it twice. Aloha from Northeast PA.
If you lived in Hawaii you would soon grow to hate this arrogant, liar.
Just because he had a paid lacky answer a letter does not make him an honest man.
Story was going around that the FBI is investigating him but takes a lot of time.
homeless

Honolulu, HI

#10 Nov 12, 2009
glenn paul wrote:
Did anyone watch the early news? MSNBC was saying how wonderful it is that there were only over 500,000 jobs lost last month. 12,000 less than expected. That proved the economy is on the rise. ITS JUST GOOD NEWS THEY SAY. Bagalony, tell that to the over 500,000 people who were out of a job last month.
That jobless claims, NOT jobs lost! Learn how to listen or read!
Carole

United States

#11 Nov 12, 2009
leeward lolo wrote:
<quoted text>
If you lived in Hawaii you would soon grow to hate this arrogant, liar.
Just because he had a paid lacky answer a letter does not make him an honest man.
Story was going around that the FBI is investigating him but takes a lot of time.
leeward lolo - yes, it DOES take time for the Feds to do their investigations; on the upside, they cross every 't ' and dot every 'i' so that sleezy corrupt slimeballs like the muffincrook can't slip through the judicial system on technicalities...
Wednesday

Honolulu, HI

#12 Nov 12, 2009
leeward lolo wrote:
<quoted text>
If you lived in Hawaii you would soon grow to hate this arrogant, liar.
Just because he had a paid lacky answer a letter does not make him an honest man.
Story was going around that the FBI is investigating him but takes a lot of time.
Please have them legally setup the wiretaps sooner rather than later. Don't need a rocket scientist to figure this one out. Follow the $$$.
oh boy

Honolulu, HI

#13 Nov 12, 2009
Georgia Robertson says the increase in foreclosures will be milder than when the Japanese bubble popped because we don't have the same artificial conditions as then. I'd like to know what conditions those are. I believe during the last downturn the only factor of substance was the Japanese bubble economy bursting. This time around, the Japanese economy still sucks but so does the U.S. and European economies, there is also the fallout of free credit to the credit unworthy, current lack of credit, mass unemployment, etc, etc, etc.

Wouldn't all of this contribute to a more severe increase in foreclosure?
realmerv

Honolulu, HI

#14 Nov 12, 2009
Finder1 wrote:
When will the price of housing fall? It is only a matter of time when Banks begin to sell the foreclosed homes. Our housing prices have we overvalued for years after the run up of 2002-2006. Time for reality to sink in and get house and condo prices back to reality. The loss of state jobs, furloughs, cuts in the private sector, down tourism numbers and room rates all forcast a downturn in housing values. It is only a matter of time.
Foreclosures in Hawaii will get even worse being that we haven't felt the effects of the State worker layoffs of tomorrow and November 20th yet. Add in some of the State workers living on the edge who will be affected by the furloughs and the effect on the foreclosure rate will be seen in March or April of 2010. So next year doesn't look very good for real estate.
housing bubble

Lahaina, HI

#15 Nov 12, 2009
Can the paper reinterview those people who've been telling us that Hawaii is not like the mainland. Hawaii is conservative.
housing bubble

Lahaina, HI

#16 Nov 12, 2009
Richard Head wrote:
That is a good question. There has been a recent frenzy of real estate purchases which has caused bidding wars and drastically overpaying for properties. For some reason, people can't seem to figure out that purchasing a property based on monthly payments due to low interest rates is the exact recipe for disaster that has led hundreds of thousands of Americans down the path to foreclosure. The final purchase price of a property is what matters the most as interest rates will fluctuate with the economy. For example, would you pay $35K for a Toyota Corolla if the interest were so low that it made your monthly payment affordable? Of course not because when times change (furloughs, pay cuts, layoffs, lower pay due to economic cycles) and you need to sell the vehicle, you would not be able to find anyone willing to pay nearly that much for it. The same principle applies to real estate. I can only hope for the sake of all that we all can learn some discipline in our spending else things will get worse.
<quoted text>
More to come. Real data cannot be sugar coated.

Overpaying? Look again.
http://www.oahure.com/PriceDrops.php...
http://www.oahure.com/PriceDrops.php...

What will happened to these homes?
http://www.oahure.com/Resales.php...
http://www.oahure.com/Resales.php...
HAMPLIE

Alpharetta, GA

#17 Nov 13, 2009
http://www.associatedcontent.com/article/2381...

The reality of Obama's "Hurting Any Modification Possibility" Program
socal

Honolulu, HI

#18 Nov 13, 2009
I was watching a Hawaii real estate program on TV recently and the realtor said that inventory was surprisingly low over the last few months; implying that it's not a really a buyers market and that prices would remain stable. He must have missed the 8844 properties that went into foreclosure from October 2008 to October 2009.

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