Has it hit bottom yet? (real estate, foreclosures, mortgages)

[tchristman]

Real estate that is. Has it began to turn around yet?

[Balad1]

My observation is that most areas of the housing sector have hit bottom. The exception is properties in areas like Ka'u on the Big Island where I see prices for homes and vacant land still dropping.

Others might have more insight.

[tchristman]

thanks for your input!

[PacificFlights]

No it has not hit bottom. there are still hundreds of forclosures on Hawaii waiting to hit. Banks have hundreds of properties they have not even put on the market due to the glut. They will somday have to start dumping them and the market will go down more. Many upside down homeowners or ameture investor still have property that they are struggling with and they were hoping for the market to rise again, but they will also soon have to sell for whatever they can get.

[whynot?]

I think it depends on where, as "Balad1" mentioned, and whether you're a buyer, seller, or owner. As recently as last month, the number of foreclosures is still rising. ( Foreclosures on rise - Hawaii Business - Starbulletin.com ) And if I recall correctly, the Bank of Hawaii's economist reminded us that there is another tranche of adjustable rate mortgages that will rise later this spring, possibly causing something like a "second wave" of foreclosures.

If you're looking to buy at the bottom, this -- or the near future -- could be your moment. If you're trying to sell, thing seem to be improving. Slowly. And if you're an owner paying a mortgage, it really depends on your terms, how stable your income is, and what your plans for the next several years are. IMHO, of course. There are much more knowledgeable real estate posters who haven't checked in on this yet.

[tchristman]

Good insight, how connected do you think, if any, is Hawaii's market to California?

[hotzcatz]

Hawaii generally lags behind the mainland by several years. And the outer islands lag behind Oahu so which island you are considering makes a difference.

I don't see any new jobs being created, there aren't any posted in the newspapers unless some sort of specific skill or license is needed. At our local diner they had to put up a big sign telling folks the waitress job was already taken and no more applications would be accepted. There are a lot of folks either getting furloughs or less hours so they aren't spending as much, either. That means more of them will be losing their houses as they can't make the payments, too.

The County is trying to sell off about a dozen parcels of land to help balance the budget and they had only two folks show up for the land tour last week.

I don't see the bottom in sight for this year.

[survivorqt]

its at the bottom right now here in oahu, starting to rebound