2 Stories covering Mortgage/Foreclosures and Scams

Hawaii foreclosure rate low in July
Pacific Business News (Honolulu) - 12:53 PM HAST Tuesday, August 21, 2007
"Hawaii had one of the lowest home foreclosure rates in the nation in July, according to a new report..." <--Read full story.

BBB warns of mortgage scams
Puget Sound Business Journal (Seattle) - 9:48 AM PDT Wednesday, August 22, 2007
"Although not as prevalent in the Pacific Northwest compared with the rest of the country, the regional Better Business Bureau (BBB) warned homeowners of possible mortgage foreclosure scams..." <--Read full story.

A more detailed report on Charter Funding's closing of business

Charter Funding, First Magnus close down
Pacific Business News (Honolulu) - 2:55 PM HAST Friday, August 17, 2007
"One of Hawaii's largest privately held mortgage companies has ceased funding loans..."
It's very important to keep track of the daily changes in the real estate financial businesses. For example, if you were purchasing a property with financing from Charter Funding, if they don't fund your loan, you can't close and you'll have to go through the loan process with another lender. If you were selling a property now to a buyer using Charter Funding, your closing will most likely be delayed as the buyer needs to find a new lender. -Rick
<--Read full story.

Countrywide and Charter Funding makes headlines....

Countrywide Borrows, Charter Funding Closes
Howard Dicus - hdicus@kgmb9.com KGMB News
"The rise in mortgage defaults has turned one of the biggest lenders into a borrower, and more local mortgage offices have closed, possibly for good. World stock markets fell, but local banks actually did a little better..."

In times like this, it's important to be aware of the standings of your mortgage bank. Be sure you are up to date. You could default on your transaction if by chance the place that is supposed to be funding your loan suddenly closes operations. -Rick

<--Read full story.

2 Reports on Hawaii's Foreclosure situation.

Oahu home foreclosure rate rises
By Andrew Gomes
Advertiser Staff Writer
"O'ahu's home foreclosure rate rose 68 percent in the first half of the year compared with a year earlier, but was still the fourth-lowest among large U.S. metropolitan areas..."
Don't forget!! Read and understand the entire report. -Rick

Honolulu ranks low for foreclosures
Pacific Business News (Honolulu) - 12:32 PM HAST Tuesday, August 14, 2007
"Honolulu ranks near the bottom of a new list of foreclosure rates in the 100 largest metropolitan areas in the nation..."

Both these reporters are covering the same data. Notice how dramatically different the headlines are. This is why people must always read the whole story and not just the headlines before making decisions. -Rick

The Honolulu Board of Realtors' July Reports are out.

Honolulu Board of Realtor July Reports and Press Releases.

Monthly Statistical Reports of Residential Resale Activity on Oahu <--Click
Oahu Housing Trends <--Click
Monthly Statistical Report <--Click

Those are the reports prior to the news media creating their reports and wording this data into their view.

PBN's Report on July's Statistics. -Rick

Oahu home sales hit brisker pace
Pacific Business News (Honolulu) - 10:12 AM HAST Thursday, August 2, 2007
"Sales of single-family homes and condominiums on Oahu hit a brisker pace last month, with the fewest average days on the market recorded this year..." <--Full Story

Honolulu Advertiser Reports drop in Median Prices. -Rick

Median price of Oahu homes dips in July
By Andrew Gomes Advertiser Staff Writer
"The median sale price for existing single-family homes on O'ahu fell in July, a month after prices climbed to a record high and surprised some market watchers..." <--Read Full Story.

Don't just read the headlines! I think this report contains some valuable information for those on the verge of the "Real Estate Market". If you are thinking of selling or buying, it's very important to understand the data in reports like this. It's difficult to figure out exactly what these reports are saying sometimes. If it just confuses you, don't give up. Ask me for some explanations or if you have your own Realtor, he or she should be able to explain what this report is trying to tell current or prospective Real Estate clients in the Honolulu Market. -Rick

The Starbulletin's report on the planned road development in Kapolei. -Rick

$124M Kapolei roadwork planned
By Rosemarie Bernardo Honolulu Starbulletin
"In partnership with the city, a developer plans $172 million in improvements..."

PBN's report on Hawaii's Foreclosures - Rick

Hawaii ranks low in foreclosures
Pacific Business News (Honolulu) - 3:15 PM HAST Monday, July 30, 2007
by Janis L. Magin
"Hawaii lags far behind the most of the Mainland in the number of foreclosure actions filed, according to a report released Monday that found foreclosure filings in the United States were up 30 percent in the first six months of 2007..." <--Click for full story.