If you read the news, you’ve probably heard all the encouraging reports on the Hawaii visitor industry’s slow and steady growth. If you haven’t heard the latest on the real estate market, there are improvements there too. Hawaii foreclosures have plunged by nearly half in the first six months of this year, compared to the same period in 2011.
According to RealtyTrac, Maui foreclosures dropped by no less than 47 percent in the first half of the year compared to the first six months of 2011. One in every 220 housing units received a foreclosure filing in Maui County.
Throughout the state, there were 2,357 properties in some stage of the foreclosure process, including notice of default, public auction notice, or bank-owned property from January to June. That put Hawaii at number 26 among the states. Throughout the nation, there were one in 126 housing units with foreclosure filings.
A 47 percent drop is very good news for the Maui real estate market. Prices and sales were up in June for Maui homes and condos as well. Hopefully the market will continue to march in the right direction. With the visitor industry gaining strength, continued recovery looks likely, although it will probably continue to be a slow process. It helps to know that slow and steady growth is more reliable than quick and possibly volatile economic changes.
If you’re interested in buying a home or condo on Maui, you’ll find our contact information at the bottom of the page. We’d be happy to assist you! Mahalo!