A recent report from RealtyTrac revealed that Hawaii foreclosures fell by 48 percent in May, with only 211 homes in some stage of foreclosure. The foreclosure rate is now one in every 2,464 homes. Meanwhile, the national average is the lowest it’s been since 2006. What a reassuring transition after the challenges of the recession.
How did Hawaii perform compared to the other states? Florida had the highest foreclosure rate with one in every 436 homes in some stage of the process, while North Dakota had two foreclosures total, putting them in last place. Hawaii was 36th in the nation, meaning 35 states had a higher foreclosure rate, while 14 had a lower rate, so we’re doing better than most.
Nationwide, there were 109,824 properties in some stage of the foreclosure process in May, and again, that’s the lowest figure since 2006. Falling foreclosure rates help to explain why the number of Maui real estate sales have slowed, as inventory is extremely low. With so few available properties, sellers are able to set higher asking prices, and are getting multiple offers on those that are fairly priced.
There are still some excellent South Maui homes and condos available for the shrewd buyer, and Hawaii home appreciation is extremely high. Those who purchased property during the recession are in an excellent position to get a great return on their investment if they sell, and the way the market is trending, those who purchase now are likely to find themselves in the same position in the future.
If you need assistance finding the right Maui real estate investment, or permanent home, you’ll find our contact information at the bottom of the page. We’d be happy to apply our expertise to your unique needs. Mahalo!
RealEstateMauiHawaii.com – By Mark Harbison