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Monday, June 15, 2009

Will Hawaii foreclosures help your dream of living in Hawaii

Dear Hawaii lovers and blog visitors,
Have you ever wondered what it would be like to live in Hawaii and whether it means 'Vacation forever'? I bet you did, and you are not alone. Most everybody who visited Hawaii once or twice or more times played with that idea. "What if we moved to Hawaii?"

Living in Hawaii, Kohala Coast
The current real estate market in Hawaii seems to get you closer to fulfilling your dream of living in Hawaii by buying a home or a condo on the Hawaiian Islands at a cheap price you can afford. True or false?

Well, recently, on my daily perusing Hawaii tweets a tweet by @Starbulletin - or a retweet by a Hawaii twitter follower - got my attention. The tweet connected to an article by Honolulu Starbulletin published on June 13th about the ever growing number of foreclosures in Hawaii with the meaningful article title 'Realty investor Blues'. The Starbulletin article quotes some most recent Hawaii foreclosure numbers which are mind boggling but the numbers clearly reflect what is currently going on in Hawaii's real estate market.

Living in Hawaii, North Kohala
There is no surprise that Hawaii with its larger percentage of second-home owners and investors compared to the rest of the nation jumped to #15 in May in foreclosures. 42% of foreclosures in Hawaii through the month of May were non-owner occupied properties. No surprise for me that Maui was having the lead with 50% of non-occupied foreclosures.

Naturally, this high number of foreclosures in Hawaii, a dream vacation or retirement location, triggers the interest of those who have a job and a steady income or enough cash money in searching for foreclosure deals in Hawaii. Just ask Google and type in the search for 'Hawaii Foreclosures' and the number of about 5million search results makes it clear that an entire new 'foreclosure industry' has developed in the Hawaii real estate market with realtors riding the wave of 'Hawaii foreclosures'.

On my personal search for putting this blog post together, I came across another interesting article regards the Hawaii Foreclosures published by Yahoo Finance News on June 11 which emphasized that "The islands now have the 15th highest foreclosure rate in the nation, at one in every 621 households. Local economists and foreclosure attorneys say Hawaii's foreclosure filings are growing as the recession leads to job and wage cuts. Declining property values are also making it harder for people to refinance their mortgages or sell their homes."

Coming back to our original question whether Hawaii foreclosures are getting you closer to becoming a homeowner in Hawaii and living in Hawaii. My personal lay person's humble opinion is that buying cheap foreclosure property in Hawaii looks easier than it is. Foreclosure properties will be auctioned off. The bank has a clear idea what they need to make to break even and where they want to start the bidding. In most cases, this is not the bottom price you have in mind.

Furthermore, mortgages for the average person are naturally harder to get these days. Also make sure that you have seen the home or the condo you are interested in buying as a foreclosure. Considering all pros and cons of a foreclosure purchase, it might be better to look for the real deal in a real estate market where the potential buyer has all the chances of negotiating the price he/she can afford instead of going 'treasure hunting' for a foreclosed property. This way you might be much closer to your dream of living in Hawaii. What's your opinion about Hawaii foreclosures? Mahalo, Pua Hawaii Vacations
BTW, we won't publish comment ads by Hawaii foreclosure companies.

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