Hawaii foreclosure update - 9/07
Posted Oct 15, 2007 @ 6:26 pm, Viewed by 950 Visitors, Read 981 Times.Hawaii's real estate statistics for September 2007 were published last week and foreclosures have doubled compared to a year earlier. Shocking? It sounds bad but Hawaii still ranks as the state with the 10th lowest rate of foreclosures in the U.S.
In September there were 135 foreclosure filings in Hawaii, or one filing per 3,638 homes. Nevada had the highest foreclosure rate with one filing per 185 households for a total of 5,504. Total foreclosures in the nation for September were 223,538.
Okay, let's get back to Hawaii. Prices are high here and they always have been, compared to the majority of mainland cities. What can we do to find a good deal on a home? Are foreclosures the way to go?
Beware of foreclosure advertisements placed by real estate companies. They're capitalizing on the popularity of the word "FORECLOSURE". Frequently they will get customers to visit their offices and give an explanation of the foreclosure process, then explain that the property they advertised in the paper is no longer available. What next? Look at non-foreclosure properties. Bait and switch.
Click here and see real Hawaii foreclosure listings. We'll show you the latest foreclosures listed by realtors as well as public notices published by lenders.You might decide it isn't worth all the trouble to buy a foreclosure. After all, the home you buy might have an angry former owner that doesn't want to move out. I like to look at pre-foreclosures. The buyers want out and you can help them while buying at a discount. If you want a deal, check for homes in neighborhoods where sales are slow.
Prices in some neighborhoods have gone down significantly over the last couple of years. I just spoke with a homeowner today that bought a house three years ago and is prepared to sell it for $200,000 less so he can get rid of it quickly. We hope to have it on the market in a few days. No B.S. - if you're interested contact me and I'll let you know when it's listed. Alternatively, keep an eye on our featured listings and you may see it next week. This house may sell in the mid-$600's and could have sold for close to $1 million when the market was hot.
If you really want a foreclosure, visit our site and checkout the public notices. Go to the courthouse with your deposit check and make a bid. I'd be happy to hear about your experience and pass your tips onto others.
Happy house hunting!
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Mike Bates is a realtor associate on the island of Oahu. He's lived on Oahu, Maui, Molokai and the Big Island for 30 years and is here to share his knowledge of the Hawaiian Islands with you. Read More
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There is no shortage of foreclosure properties. However, home buyers ought to keep an eagle eye and pursue the property. They also ought to know that finalizing on these mega-low distressed homes carry a lot of risk and is also problematical than it really looks like. Thus they have to deal very carefully.