Hawaii Foreclosure Rates Rise and Buyers Benefit
Quick market update: The amount of Hawaii foreclosures rose 340 percent compared to last September. Hawaii is now in the top 20 of all states for amount of foreclosure filings. Prices have steadily been dropping the past two years and this is going to create some great buying opportunities in the months to come.
Both the banks that have to sell these foreclosures and the sellers that actually have to sell their home are going to be competing for the smaller buyer pool we have. This will give buyers more power and leverage when negotiating the price for their new home purchase. Mortgage rates are still at an all time low creating a great time to get a loan as well.
Feel free to contact us to help you find a great property that fits your needs.
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3 Responses to “Hawaii Foreclosure Rates Rise and Buyers Benefit”
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I live in Sarasota Florida and the foreclosures here are very high also. In fact, they are driving the market down along with short sales. I think that it will get better in 2009.
I recently read data on Hawaii prices holding up, even increasing. I surprised ti see foreclosure rates up also.
Any ideas how this is happening?
It sounds really optimistic! But to my mind due to the world financial crisis descent drops in rates can be predicted. Problems with banks and investments are obvious even now. What is next…