Is It Possible That Foreclosures Are Coming To An End?

According to Realtytrak, U.S. Foreclosure activity dropped for the third straight month in October, raising the question, is it possible that the foreclosures are coming to an end?

To determine what this means for Hawaii foreclusures, we must look deeper at the numbers to determine where the “Aloha State” falls in the ranks among national foreclosures.  Hawaii ranked 17th out of the 50 states, so while not at the top of the list of foreclosures, we certainly weren’t anywhere near the bottom.  What is even more telling is that while the nation as a whole is up 18.86% over October of 2008, Hawaii foreclosures are up by 134% over October of 2008. That number alone is indicative of where Hawaii is going and it will probably take substantially many more months, to go to catch up to the national foreclosure rate of 18.86%. On the bright side, while cumulatively as a nation one out of every 385 households was affected by the process of foreclosure, in Hawaii it is only one out of every 548 households.

We all look forward to when we don’t hear the words, Short Sale, REO, and Foreclosure, but keep in mind this is also one of the era’s in our financial history that we will look back on and wish that we had bought one of those “Short Sales, REO or Foreclosures”.

We are agents that have closed many Short Sales and are receiving more and more REO listing properties from the banks, So whether you’re a seller needing to do a Short Sale, or a buyer looking to invest in a real estate here in Hawaii, it is extremely important  to work with experienced agents who have a proven track record who have their finger on the pulse on the real estate market who are willing and able to keep you informed so you can make informed decisions about your real estate investments. If these types of transactions interest you then please feel free to call either Miriam Perlmutter, RA or Christian Halladay, RB (soldteam@hawaiilife.com) and we’ll put our expertise to work for you.