HAWAI'I LIFEEwa Beach Led Oahu in 2009 Foreclosures
Ewa Beach Led Oahu in 2009 Foreclosures
The front page of yesterday’s Star Bulletin had an article titled “On Shaky Ground” talking about how Ewa Beach led Oahu in 2009 with the most foreclosures with 636 in 2009. Believe it or not, Waikiki was 2nd with 538 and Kapolei was 3rd with 364.
What was incredible about the article is it said although that one out of every 22 homes in the Ewa Beach zip code was in distress last year! Those weren’t all foreclosures. Those include short sales, owners behind on their payments, etc. What does this mean? More REO or lender owned properties will be coming on the market in Ewa Beach. Keep an eye out for some bargains. Even though prices have come down, inventory is starting to disappear as well according to the article. So, get yourself a good buyer’s agent and get ready for some bargains.
Given that Ewa is the entry level segment of the market, one would have expected more purchase to be highly leveraged and therefore there would be more foreclosures.
Aloha,
Keahi