In a post at examiner.com, William Sager shows that Hawaii foreclosures are up 503% from this same time last year. Sager concludes that,
“People who bought their home a decade ago are still in pretty good shape, but folks who bought during the recent real estate bubble are upside down and struggling.”
This is a pretty broad statement, but I think that in some foreclosure instances this could very well be the case. I do see many more foreclosures becoming available in my neighborhood. A 500% increase does not seem out of line.
Sager also thinks that,
“Many homes being foreclosed were purchased as second homes by people who wanted a piece of paradise.Â With the current economic decline, people are loosing their investments whether its real estate or 401Ks.”
From what I hear, there is a lot of truth to this statement, but something that I don’t have the stats to back up.
Despite this huge increase, Hawaii still has one of the lowest foreclosure rates in the nation. And while I feel for people losing their homes, it does give others an opportunity to purchase property that they could not otherwise afford.