Kapolei Led Oahu in January, 2010 Foreclosures
Yesterday’s front page of the Star Bulletin read Foreclosures Up 286%. Hawaii dropped from our worst ever ranking of 10th nationally to 11th in January. In December, Ewa Beach led Oahu in foreclosures. However this month, Kapolei surpassed Ewa Beach (now 3rd in the state) and Kailua-Kona (ranked 2nd) on the Big Island.
What does this mean? More REO inventory will be on the horizon. I just closed an REO listing of mine yesterday in Ewa Beach yesterday for above asking! Buyers are looking for a great deal & most REO listings are priced well by the lenders for a quick sale. How do you find out about these before they’re sold? Work with a good Buyer’s Agent! Here’s some galleries of some current single family home and condo REO inventory. If you’re looking for alerts to see all REO’s on market, contact one of us today to help you navigate this process and find the right home!
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.
Posted by David Buck, R, BIC on December 11th, 2009 |
Tags: Big Island, Ewa Beach, Foreclosures, Hawaii, Honolulu, Kailua Kona, Kauai, Kihei, Lanai, Maui, Molokai, Sales Stats
Hawaii is now ranked 15th in the nation for foreclosures.
Once again our foreclosure rate has increased over last year. In November it was up 121.9% according to an article in the Star Bulletin quoting stats from RealtyTrac. Kailua-Kona on the Big Island led the state with the highest number of foreclosures, followed by Kihei, Maui and then Ewa Beach here on Oahu.
Oahu still has the lowest foreclosure rate. Maui leads the state, followed by the Big Island, then Kauai. It appears the majority of the foreclosures are taking place around the resorts or second home markets.
We at Hawaii Life have REO agents on Maui, the Big Island, Kauai and here on Oahu to help lenders sell their assets. It would also be smart to team up with a buyer’s agent to keep an eye out for these listings as they sell fast!
Realty Trac came out with their latest Hawaii foreclosure stats that were published this week in the Star Bulletin. Lihue on Kauai led the state with the highest rate, however this was skewed due to Kauai Beach Resorts foreclosure, which accounted for 145 units.
Although, Oahu accounts for the majority of the population in the Hawaii, 65% of the foreclosure activity was on the neighbor islands. Ewa Beach led Oahu with the most foreclosures on the island with 65 in the month of August. Honolulu ranked 150th in the nation out of 203 metro areas tracked, which isn’t too bad.
If you’re looking for a great buy, Ewa Beach could be the place. In general, the construction is newer, the infrastructure is newer & Ewa Beach hardly lacks any sunshine :) The catch is the commute to Honolulu. Ewa residents that “fight traffic” stare into the sun driving to work in the morning & stare in to the sun in traffic in the afternoon… If you don’t work the typical 40 hour work week in Honolulu, Ewa Beach has some great housing options. You can get a nice single family home built in the last 5 years for the same price of a 2 bedroom condo in Honolulu built in the 1970’s. The wave of foreclosures hitting Ewa Beach is creating some great opportunities for buyers entering the market place!
