Isle foreclosures set record - Hawaii Business

I'm getting nothing on my Bank of Hawaii savings and my credit card interest rates are 20%!!!!!!
Everyone should get a mortgage/loan for 0% from the FED and bankers/banks should become extinct.

I am looking to buy a nicer home and a investment property when prices reach 2002 year levels. I don't expect that I will have to wait too much longer.

This is going to get much worse. Hawaii is waaay over valued and needs another 20% down from current prices.

FOB wrote:

I'm getting nothing on my Bank of Hawaii savings and my credit card interest rates are 20%!!!!!!
Everyone should get a mortgage/loan for 0% from the FED and bankers/banks should become extinct.

What you are seeing is the Federal Reserve FORCING people to invest, spend or otherwise throw their money into a failing system.

Many people have realized that the system is a fraud, and that the Fed has forced Bubble after Bubble to form because the Interest rates paid on real Capital, i.e. Savings, is nonexistant.

I'm more than happy to keep my money "Under the Mattress", because it gives me the freedom to walk in and make deals on a moments notice, often avoiding any hassle of debt and liabilities that the Moneylenders seem so good at heaping on top of any deal they get their fingers on.

The only way these idiots are going to listen to the will of the people, is to stop playing their game, and financing their leveraged buyouts of Government officials, and steering the Country on the same track that led to this collapse.

People should welcome the collapse of this fraud, not fear it. The time is now to clean out the Cancer that has infected the world by allowing these fraudsters to collapse and join the rest of the masses at the bottom of the ladder.

Everyone needs to make sure they can provide for themselves adequately when the Corporations that have forced us to be dependant upon start witholding services and products in an effort to cause fear and panic.

When that happens, we can all sit back at home and enjoy an extended vacation while they scramble to maintain the collapsing status quo.

It wasn't to long ago that we used to read articles like this.
http://the.honoluluadvertiser.com/article/200...
"Hawai'i has maintained relatively low foreclosures thanks to mostly stable home prices, a strong economy, low unemployment and rising personal income. Local lenders also say borrowers generally were more conservative and didn't take out as many of the riskier loans as in some Mainland markets."

House prices are going down but property tax is going up. It does not make sense.

There will probably be more foreclosure on the way. Prop taxes are going up because politicians always know where to get their revenues when it is down - it is called "more taxes".

mario wrote:

House prices are going down but property tax is going up. It does not make sense.

Your assets go down. Taxes go up so you can recycle your green waste. Hold on folks we are heading for an Enormous Depression and global Flu Pandemic.

Dman wrote:

This is going to get much worse. Hawaii is waaay over valued and needs another 20% down from current prices.

Condos need to go down at least 40%. Sure getting crowded at the park - need to fight for my favorite spot.

Hey let's ask the HGEA what shall the govt do to help these people out.

Ono wrote:

It wasn't to long ago that we used to read articles like this.
http://the.honoluluadvertiser.com/article/200...
"Hawai'i has maintained relatively low foreclosures thanks to mostly stable home prices, a strong economy, low unemployment and rising personal income. Local lenders also say borrowers generally were more conservative and didn't take out as many of the riskier loans as in some Mainland markets."

To quote the british idol singer Susan Boyle from her line used from Le Miz - I dreamed the dream of times gone by .......

Many had responded in earlier post that the days such as these would be coming but the rebuttal of many were also that this is Hawaii and it is not like the mainland. Well, what is the use is saying "I told you so". Today, we all are getting a bird's eye view of what it is - So it really is what it is.

Price won't drop any further but forclosure will continue to rise as unemployment won't recover soon.

Banks are the winners again and the tax payers are the losers. The Banks have enough luquidity to hold it out for now.

We use our tax money to save the banks hwo was the cause of this mess in da first place. Where is the law to protect home owners?

OBAMA NEEDS TO BE IMPEACH...YES WE CAN

Just my opinion...So what causes forclosures?...
1. Mainland firms that came in to hawaii to operate.
Taking with them the economy. Their income gets sent back to the mainland. Businesses abroad, with partnerships,Corporations,etc. Yet, they get tax credits from the State. Why?. They make millions a year. They need to be taxed like any other business.
2. Real Estate Brokers, the biggest scam artist in the U.S. Some of these mainland ocmpanies get paid in commissions,others do real estate sales, otthers do property management. In fact, isn't it funny..I just happened to had busted one Company called
Cambridge Management Inc, Who operated with a forfeited licnese then it was Terminated by the state, there's more to the story. Most of these Bigger Corporations that are partnerships or Corp from abroad has caused the downfall of the economy.
Surely, they produce jobs but at a minimum, their total target is income, and it gets sent somewhere else. We need to focus on the Local businesses here and promote them more than the mainland businesses. Just my opinion. thx

wildman wrote:

Just my opinion...So what causes forclosures?...
1. Mainland firms that came in to hawaii to operate.
Taking with them the economy. Their income gets sent back to the mainland. Businesses abroad, with partnerships,Corporations,etc. Yet, they get tax credits from the State. Why?. They make millions a year. They need to be taxed like any other business.
2. Real Estate Brokers, the biggest scam artist in the U.S. Some of these mainland ocmpanies get paid in commissions,others do real estate sales, otthers do property management. In fact, isn't it funny..I just happened to had busted one Company called
Cambridge Management Inc, Who operated with a forfeited licnese then it was Terminated by the state, there's more to the story. Most of these Bigger Corporations that are partnerships or Corp from abroad has caused the downfall of the economy.
Surely, they produce jobs but at a minimum, their total target is income, and it gets sent somewhere else. We need to focus on the Local businesses here and promote them more than the mainland businesses. Just my opinion. thx

...so true, hon

http://www.youtube.com/watch...

And here comes furloughs (aka "pay cuts") for thousands of state employees as well as substantial increases in their medical premiums. I wonder how many of them are barely hanging on to their mortgages or WERE hoping to buy in a down market. Talk about a downward spiral...

homeless wrote:

<quoted text>
Condos need to go down at least 40%. Sure getting crowded at the park - need to fight for my favorite spot.

And last week, there was an article about those bus stops having modifications made so that the homeless cannot use it to lay down and sleep. Well, that is happening everywhere, in CA - many cities are re-doing their bus stops to put in new benches that have a built in metal separation bar to prevent anyone from laying down. In short, the homeless rank will continue to grow and whatever shortfall the government experiences, they will hopefully balance it out by taking from those that can ill afford it these days or basically from people that have no voice. But isn't that always the case?

Why are you giving free foreclosure prevention seminars to members of the Hawaii Carpenters Union?

What does the private sector get mud pies? It was the unions that got us into this mess.

Don't forget Matson.

Mortgage rates are starting to move up, which may cause more foreclosures from resetting ARMs this year and next. Housing prices will probably decline a little more as a result.

Prices of foreclosed properties are still high compared to the 1999/2000 year level due to the reason that there is a lot of demands and less inventory of homes for sale. Most of the foreclosed homes are located in the area where convenience has always been a problem. Areas with less traffic congestion have less foreclosed homes. In other words, places that experience a big drop in home prices are the ones that are not conveniently located. Buyers who are not aware of the market situation continue to lie low thinking that the situation applies to every place in Oahu. Smart home sellers are very proactive in pricing their homes because they think in advance and use statistics/comparable data analysis of homes sold within the last six months. If the interest rate continue to climb absence of interest to buy homes will soon be felt and the prices will probably drop but not too much. Right now, in order to sell homes quickly the properties are listed at the level where they are priced at the expected level a year from now. People who buy homes at this time are the ones who are selling their homes for profit. Smart buying is now the trend. Homes priced reasonably are the ones that attract buyers. However, the rise in the interest rate will be responsible for the coming of the idle market which had happened in the early 90's after the collapse of the Japanese bubble market. Interest rate fluctuation will greatly affect the statistics.
Hawaii is a different market(specifically Oahu) because we have a lot of military personnel who come and go. Military buyers have excellent financing benefits when they buy homes. They can buy with 100% financing and the money is paid out of their housing allowance. As long as the monthly payment remains affordable (within their housing allowance) buying homes will continue. Again, lower interest rate will determine the buying trend in this kind of market.