Isle housing bottom seen - Business

Full story: Honolulu Star-Bulletin

The worst could be over for Oahu's slumping housing market even though slower conditions are expected to persist until there is better economic news in the state.

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Dman

Bedford, NH

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#1
Apr 3, 2009
 

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"I'm going to go out on a limb here and say that we may be close to a bottom," said Harvey Shapiro, research economist for the Honolulu Board of Realtors.

Give me a break, who can afford to buy??? not the average family in Hawaii only the rich and out of town folks. Hawaii is in for some very tough times, if the average family CAN'T afford to buy, you will see much more people moving from this state as it is WAY overpriced and over taxed.
Bill

United States

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#2
Apr 3, 2009
 

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The HBR has spoken!!

Now we will find out who is listening.
Jopper

San Rafael, CA

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#3
Apr 3, 2009
 

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It's Still A Terrible Time To Buy! Don't do it...wait a while and save thousands!

House prices will keep falling in most places because those prices are still dangerously high compared to incomes and rents. Banks say a safe mortgage is a maximum of 3 times the buyer's yearly income. Landlords say a safe price is a maximum of 15 times the tenant's yearly rent. Yet in coastal areas, both those safety rules are still being violated. Buyers are still borrowing 6 times their income, and sellers are still asking 30 times annual rent, even after recent price declines. Renting is a cash business that reflects what people can really pay, not how much they can borrow. Salaries and rents prove that prices will keep falling for a long time. Anyone who bought a "bargain" this time last year is already sitting on a very painful loss. More on patrick.net
Jopper

San Rafael, CA

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#4
Apr 3, 2009
 

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The US economy will not recover until house prices are allowed to fall to prices buyers can easily pay on a normal salary. The primary evil in the economy is housing "affordability" programs, which encourage debt to make prices higher, not lower. True affordability is not more debt -- true affordability is lower prices. The government's false affordability programs have created more debt than can ever possibly be repaid. Credit rating agencies lied about the value of this debt, scaring off investors. More on patrick.net
What Goes Around

Dallas, TX

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Apr 3, 2009
 

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Dman wrote:
"I'm going to go out on a limb here and say that we may be close to a bottom," said Harvey Shapiro, research economist for the Honolulu Board of Realtors. Give me a break, who can afford to buy??? not the average family in Hawaii only the rich and out of town folks. Hawaii is in for some very tough times, if the average family CAN'T afford to buy, you will see much more people moving from this state as it is WAY overpriced and over taxed.
Hope you fall off the end of that limb, Shapiro. What has the The Board of Realtors done for Hawaii beside jack up prices, advise no controls, encourage overbuilding without infrastructure, and encourage people to buy mortgages that they can't afford?
Call me MISTER

Honolulu, HI

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Apr 3, 2009
 

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Harvey, Harvey, Harvey. This whole global crisis was caused by greedy, cheering realtors who even to this day, in hawaii deny that there is anything wrong with the entire scenario...that these outrageous, abnormal prices deviating from historical trends(started by subprime) are deserving of blah, blah, blah. I feel sorry for so many young people and the idiots who continue to support these prices by buying. The time is coming for a major correction and only then will true stability and quality of life return.
Boring

Englewood, CO

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#7
Apr 3, 2009
 

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Roll over go back to dreamland.
Kapaa

Wahiawa, HI

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#8
Apr 3, 2009
 

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The bottom?$600,000 ?? I do not think this is the bottom.Try about $300,000 maybe ????? even that is a stretch .
sanjo

Kapolei, HI

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#9
Apr 3, 2009
 

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harvey is full of it he is a realtor just hoping
Call Me Miss

Dallas, TX

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Call me MISTER wrote:
Harvey, Harvey, Harvey. This whole global crisis was caused by greedy, cheering realtors who even to this day, in hawaii deny that there is anything wrong with the entire scenario...that these outrageous, abnormal prices deviating from historical trends(started by subprime) are deserving of blah, blah, blah. I feel sorry for so many young people and the idiots who continue to support these prices by buying. The time is coming for a major correction and only then will true stability and quality of life return.
Blame Hawaii's politicians, regulators and educators. People from all over the world want to have a toehold in Hawaii. Greedy cheering realtors do as much as the law allows and enforces. Local people want to own homes like any other Americans. You'd think people who've lived in Hawaii for generations would have a better break, but no dice. I think there should be more control over how much real estate can be bought up by investors, especially those who don't live in Hawaii and never intend to. The least Hawaii could do would be to tax them up the ying yang for profiting at the expense of those who actually live on the aina. Instead, Hawaii looks the other way, takes their piece of the investor pie, and says "tsk tsk tsk" when badly educated local people are suckered into enormous loans that they couldn't afford even with five jobs.

Has Hawaii ever had much stability? Not since the late 40's and 50's, and not for everyone. The quality of life has gotten worse due to overbuilding, shabby building, and inadequate infrastructure to meet the needs of a burgeoning population. Great ideas are brought forth to meet the problems, and when they are implemented, they are quickly corrupted. How else to explain the utter failure of public schools to educate the populace? How else to explain the continuing impoverishment of Hawaiian people and lands despite the financial growth of OHA, DHHL and Kamehameha Schools? There's no great idea that can't be slowly but surely converted into a beaurocratic, money sucking nightmare in Hawaii.
Tourist Gone Bonkers

Calgary, Canada

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#11
Apr 3, 2009
 

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Layoffs, foreclosures, bankruptcies gone wild and sales dead in the water but housing has bottomed?

A big Aloha LOL, there is no one who believes this including himself.
McCain

Honolulu, HI

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#12
Apr 3, 2009
 

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And if you buy one of these matchbox condos you have to pay through the nose for maintenance and property taxes.
Dakar

Honolulu, HI

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#13
Apr 3, 2009
 

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San Diego has higher sales every month for the last 12 months but prices are down there twenty-something percent from a year ago. For a realtor that doesn't matter, as all you need are sales in order to make commissions. So I guess it depends on how you define "bottom"! Today's NY Times has an article about how middle-class people in Miami, etc., are finally able to afford homes there again and are out buying. Is that such a bad thing? Would that be a bad thing here in Hawaii?

Since: Mar 08

Aiea, HI

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#14
Apr 3, 2009
 

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Dman wrote:
"I'm going to go out on a limb here and say that we may be close to a bottom," said Harvey Shapiro, research economist for the Honolulu Board of Realtors.
Give me a break, who can afford to buy??? not the average family in Hawaii only the rich and out of town folks. Hawaii is in for some very tough times, if the average family CAN'T afford to buy, you will see much more people moving from this state as it is WAY overpriced and over taxed.
Believe it or not, but he houses are starting to sell slowly in Hawaii.

In Mililani for example a few house were sold at the standard high price and can you believe the buyers paid cash?

There are business and people out there that do have money they are holding on to until just the right time? That time is getting close now. No matter what the State tells you there are good signs abounding. Maybe your not suppose to know these things until all the good deals have been taken? Once these buyers are happy and content only then will you start to see the housing statistics come out.

I am an actualist or a realist and that means I only believe what I can actually see with my own eyes.
Drug Dealer

Honolulu, HI

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#15
Apr 3, 2009
 

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Harvey stop trying to be like your hero Madoff. You know all the investment experts were saying the same thing when the stock market went from 14,000 to 12,000 and they kept on saying to hang in their and don't panic ... it will recover in time ... RIGHT!!! Down ... Down ... Down ... and more Down it went with each expert promising recover or the bottom. Over half the value was lost.
Harvey must be in the process of flipping several condo or is high on CRACK!
AKnowItAll

Aiea, HI

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#16
Apr 3, 2009
 

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Why don't you just put this headline: THE MARKET IS GOING UP (or close to it)?

And, WTF, why is what you're saying Harvey is saying is very different than what the ADVERTISER is reporting.

Does Harvey Shapiro talk out of both sides of his mouth?

Do the two reporters here listen on different ears? Different wavelengths?

How can we hear one thing in one paper and another in another, quoting the same source? That's because, OVER AND OVER, they quote the same sources. NO NEW THINKING. Nothing unbiased.

Must be a reason. Must be because both papers HAVE to quote from the HBR mouthpiece (I'd rather the reporters report the data, and only the data). It's predictable that he'll say whatever WONT get him fired.

Why not quote from some of these bloggers - they are much more objective. MUCH. And more Intelligent, too.
alice

Honolulu, HI

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Apr 3, 2009
 

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McCain wrote:
And if you buy one of these matchbox condos you have to pay through the nose for maintenance and property taxes.
very true..prices are still wa high for working class people.

Since: Jul 08

PDX/HNL

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#18
Apr 3, 2009
 

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If that's what you call affordable, I don't think I'll ever get to move back home, until I'm just a box of ashes.

Just for kicks, why would anyone think that the housing bubble is at a bottom, when the median has barely moved downward in comparison to the top 10 housing markets (in terms of price)?

Since: Jul 08

PDX/HNL

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#19
Apr 3, 2009
 

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BTW, the "ISP" on my profile says Canada, but I'm using Clearwire in Portland. Odd how the IP address gives you false info.

Since: Jul 08

PDX/HNL

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#20
Apr 3, 2009
 

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Dman wrote:
"I'm going to go out on a limb here and say that we may be close to a bottom," said Harvey Shapiro, research economist for the Honolulu Board of Realtors.
Give me a break, who can afford to buy??? not the average family in Hawaii only the rich and out of town folks. Hawaii is in for some very tough times, if the average family CAN'T afford to buy, you will see much more people moving from this state as it is WAY overpriced and over taxed.
That limb is gimpy; maybe it's time for surgery to remove it.

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