Can't help but think that the housing bubble is ready to burst in Hawaii. Most recent information suggests a serious downturn in the local housing market. I hope everyone here is careful about purchasing a home anytime soon. Information below can be found in one place: 808housing.blogspot.com1. Median prices tumbel 8.8% from a year ago.
2. Foreclosures are going thru the roof!
3. Mortgage fraud is up - outpacing similar markets on the Mainland.
4. Most sub-prime and Alt A resets to occur in 2010 and 2011!!
5. Hyper inflation on gas, goods, and services.
6. Higher interest rates
7. First time homebuyers priced out of market.
8. Mortgage hard to get - 20% rule now applies.
9. Banks are worried - won't lend without having huge advantage.
10. Home sales are way down (double digit decline across Oahu), inventory is high.
11. Negativity breeding in media - for obvious reasons ... bubble built on speculation and easy credit.
12. Stock market is plunging - on the verge of going "BEAR".
13. Bankruptcies jump 30% in Hawaii due to real estate problems.
14. Housing prices are still way above the "fundamentals".
15. Publications such as CNN project double digit declines in Hawaii median prices for 09'.
16. Did I forget anything?
Don't mean to be negative ... but please be careful about purchasing real estate anytime soon in our beloved 50th State.
