Hawaii Foreclosures Down by 25 Percent

Between February and January, Hawaii foreclosures fell by a full 25 percent. The rate of foreclosure was one out of every 528 households in February, which meant a drop from the 11th to the 14th in the nation for foreclosure filings between these two months alone.

National foreclosure filings dropped as well, but only by a total of 2 percent from January. This figure was still six percent higher than February of last year, however.

As the famous saying goes, there's no bell that rings when the market hits the bottom, but since foreclosure rates are slowing down, this is a great time to take advantage of incredibly low prices. Maui had a lot of home and condo sales last month, with prices still falling. They won't keep falling for long if the number of sales keeps up and foreclosure filings continue to drop. Analysts believe that home prices won't really begin to rise again until REO and foreclosure inventories are sold. Since foreclosure rates are slowing, the recovery may not be far off.

The bottom line is that if you have been waiting to find the most affordable Maui home possible, it looks like now may be the best time to buy. Considering the recent jump in Maui home and condo sales, many buyers have come to the same conclusion. Also, tax credits for home buyers are slated to expire at the end of April, so the window of opportunity to take advantage of that is narrowing quickly, unless we happen to see another extension.

Let us know if you are in need of any real estate assistance whether you are looking for anything from Maui home sales to Lanai condominiums to Molokai vacant land. Also, if you have any questions regarding some of the incredible opportunities in Maui REO sales, please contact us! We look forward to helping you find you Maui dream home. You will find our contact information at the bottom of the page. Mahalo for reading this week!