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Hilo real estate market

June 8th, 2010 · No Comments · Real Estate

View of Hilo Bay and the town of Hilo, Hawaii....
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The Hilo real estate market, the largest component of the Big island real estate market, saw increasing home sales despite an extremely high rate of foreclosures. According to a May 5, 2010 article from Pacific Business News, “The Big Island’s April home sales jumped 76 percent over the previous year while the number of condominium sales climbed 72 percent. The Big Island recorded 162 single-family home sales last month, up from 92 in April 2009.” The piece, which was highlighting what was likely the result of the federal homebuyer tax credit, went on to say that “Condo sales totaled 43 last month, up from 25 in April 2009, according to Hawaii Information Service. The median sales price for a single-family home rose 4 percent to $239,950 from $230,500 in April 2009. The median price for condo units declined 13.8 percent to $250,000 from $290,000 during the same month last year.”

There were more foreclosures in the Hilo and Hawaii markets during the month of April, however, which may have flooded the housing market with low-cost Hilo homes for sale. According to a May 13, 2010 article from the Honolulu Advertiser, “Real estate in Hawaii’s foreclosure pipeline hit a high for the year last month, signaling that homeowners continue to struggle with mortgage payments even as the economy and real estate market are showing signs of a slow recovery.” The piece, composed by Andrew Gomes, continued to say that “Hawaii was one of six states with foreclosure counts that at least doubled in April from a year before. At one foreclosure filing for every 348 households, Hawaii’s foreclosure rate was 11th-worst in the country. It was also worse than the national average of one filing per 387 households. The Big Island had the worst rate, at one filing per 179 households, or 445 filings in all.”

A survey from the Mortgage Bankers Association reported the same negative news for the Hilo housing market. According to a May 20, 2010 article also by Andrew Gomes in the Honolulu Advertiser, “The Mortgage Bankers Association said in a report released yesterday that 7,889 home loans statewide were in foreclosure at the end of the quarter, representing 4.76 percent of loans.”

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