Economic slowdown likely to last until 2010

BY GREG WILES Advertiser Staff Writer June 13, 2008

"The latest forecast on Hawai'i's economy projects deteriorating tourist arrivals, unemployment and inflation this year, with anemic activity continuing into 2009..." <-click for full report.

Honolulu rated best place to raise a family

Tuesday, May 20, 2008 Pacific Business News (Honolulu)
"Honolulu has been named the best city to raise a family by a men's magazine..." <-Read Full Story.

Hawaii mortgage rates jump on Fed worries

Thursday, May 29, 2008 - 10:30 AM HAST Pacific Business News (Honolulu)
"Mortgage rates at Hawaii's four largest banks rose this week, along with the national average rate for a 30-year fixed-rate loan, amid concerns about inflation..." <-Read Full Story.

Wells Fargo tightens home loan rules

Friday, May 23, 2008 Pacific Business News (Honolulu)
"Wells Fargo & Co. has raised the credit requirements for people seeking some types of home loans, the company confirmed Friday..." <-Read Full Story.

Consumer confidence at 16-year low

Tuesday, May 27, 2008 - 9:40 AM HAST Pacific Business News (Honolulu)
"Consumer confidence sunk to a 16-year low in May, according to the Conference Board Consumer Confidence Index published Tuesday..." <- Read full story.

Small-business owner optimism declines

Pacific Business News (Honolulu) Tuesday, May 27, 2008 - 9:37 AM HAST
"The optimism level among owners of small businesses continues on a five-quarter decline, according to latest results of a quarterly Wells Fargo/Gallup Small Business Index reported Tuesday..." <-Read full story.

Recent Pacific Busines News Stories...

Study forecasts halt in economic growth in all four Hawaii counties
"All four Hawaii counties will see zero economic growth in 2008, reflecting the slowing state and national economy, according to a new report..." <- Read Full Story.

National Realtors' group sees improvement
"A National Association of Realtors study shows house sales remained soft in March, but the organization is forecasting sales will begin to improve over the summer..." <- Read Full Story.

Honolulu, Kahului top summer destinations
"Two Hawaii locations are on Travelocity's list of top booked domestic destinations for summer..." <- Read Full Story.

Economic Reports in Pacific Business News...

Lingle: Hawaii economy is strong
Pacific Business News (Honolulu) Friday, April 25, 2008 - 3:10 PM HAST
"Gov. Linda Lingle said Friday that Hawaii's economy is strong, despite recent setbacks that included the shutdown of the state's second-largest interisland airline..." <- Read full report.

Consumer confidence hits 26-year low
Pacific Business News (Honolulu) Friday, April 25, 2008 - 8:49 AM HAST
"Consumer confidence across the country has dropped to its lowest level in 26 years..." <- Read full report.

Ward Neighborhood Developer's Plans...

Developer unveils more plans for Ward
Pacific Business News (Honolulu)Wednesday, April 16, 2008
"The master plan for Honolulu's Ward Centers could include up to 4,300 residential units along with retail and commercial space..." <-Read full story.

Honolulu Ranks among "smartest"...

Honolulu among the 'smartest' cities
Pacific Business News (Honolulu) Tuesday, April 15, 2008 - 9:33 AM HAST

"Honolulu ranks 13th among the "smartest" 100 metropolitan areas in the United States, according to a new study..." <-Read full story.

Poll: Fewer Americans looking to buy homes
by Adam Kress Pacific Business News (Honolulu) Tuesday, April 15, 2008 - 9:33 AM HAST

"As the housing crunch drags on, a new poll shows fewer Americans are looking to buy homes..." <-Read full story.

Oahu Home Resales...

Home resales down 28% on Oahu
Pacific Business News (Honolulu) Tuesday, April 15, 2008 - 9:33 AM HAST

"Sales and prices of Oahu's single-family homes were down for the first quarter of 2008..." <-Read full story.

University of Hawaii Productivity...

UH Manoa faculty productivity cited
Pacific Business News (Honolulu) Tuesday, April 15, 2008 - 9:33 AM HAST

""Several graduate programs at the University of Hawaii at Manoa ranked high in a new report based on faculty productivity..." <-Read full story.

Hawaii's Foreclosures

Hawaii foreclosure rate 45th in country
Pacific Business News (Honolulu) Tuesday, April 15, 2008 - 9:33 AM HAST

"The number of foreclosures in Hawaii is up significantly compared with March 2007, but the number still is low in comparison with the rest of the country..." <-Read full story.

Sales Stats for March.

Quarterly Oahu home sales down 22%
Pacific Business News (Honolulu)Wednesday, April 9, 2008 - 10:53 AM HAST
"Home prices on Oahu were flat during the first quarter of 2008, although the number of sales was down when compared to last year..." <- Click for full story.

Waikiki Beachwalk Update...

Waikiki Beach Walk polishes Hawaii image
By Andrew Gomes
Advertiser Staff Writer
"The first year was successful for most tenants open for business..." <- Click for story.

Mortgage Rates Up...

Hawaii mortgage rates rise
Pacific Business News (Honolulu)Friday, April 4, 2008 - 12:23 PM HAST
"Rates for 30-year mortgages at Hawaii's four largest banks rose this week, reflecting the rise in mortgage rates nationally..." <- Click for full report.

A Waikiki Mortgage Office Closed...

Stanton Mortgage Waikiki office closed, president says he will stay in business
Pacific Business News (Honolulu)Friday, April 4, 2008 - 5:32 PM HAST
"The Stanton Mortgage office in Waikiki closed on Friday, but the company's president said the business would continue in a new location..." <- Click for full report.

Median Home Price Up Again...

Oahu median home price tops $600K again
Pacific Business News (Honolulu) Tuesday, April 1, 2008 - 2:12 PM HAST

"The median price of a single-family home on Oahu rose back above $600,000 last month after dipping to $599,000 in February, but still came in slightly less than March of last year..." <- Click for full report.

Honolulu Advertiser Reports on Hawaii Foreclosure Trend.

Hawaii foreclosures 'slowly building'
By Andrew Gomes, Honolulu Advertiser, March 30, 2008
"Hawai'i mortgage delinquencies ratcheted up last year and show no indication of slowing this year as economic growth weakens, inflation remains strong and home values flatten..." <- Read full story.

NEW! Now Possible to do a §1031 "tax deferred exchange" on Vacation or 2nd Homes!

I've created a new section on my website pertaining to §1031 "tax deferred exchanges". Finally, the IRS has published guidelines for taxpayers that own vacation or 2nd homes to use if considering the possibilities of a §1031 "tax deferred exchange". This is effective as of TODAY, March 10, 2008! This could open up many new possibilities for investment into income properties, 2nd homes or vacation homes in Honolulu, a popular location for many investors' 2nd homes... <--Click for more details.

Mold in your home?

Jury's out on indoor mold, but be safe
The Honolulu Advertiser By Landis Lum Thursday, March 6, 2008
"Q. Can mold and dampness in my home cause congestion, fatigue, headaches, or other problems?

A. There are more than 10,000 pending lawsuits on this issue in the United States. There's little doubt about outdoor molds causing asthma. However, connecting indoor mold exposure to disease is complicated..." <-Read full story.

Recent News End of February to March 3, 2008

Oahu home prices dip, condos rise
Pacific Business News (Honolulu)Monday, March 3, 2008 - 2:37 PM HAST
"The median price of a single-family home on Oahu dipped below $600,000 last month for the first time in nearly three years, while the median price of a condominium tied its all-time high, the Honolulu Board of Realtors said Monday..." <-Read full story.


Waimanalo named state enterprise zone
Pacific Business News (Honolulu)Monday, March 3, 2008 - 2:46 PM HAST
"Waimanalo has been designated a state enterprise zone by Gov. Linda Lingle..." <-Read full story.


Wells Fargo tightens mortgage guidelines
Silicon Valley / San Jose Business Journal - by Mavis Scanlon Thursday, February 28, 2008
"In a move that could have far-reaching ramifications for home buyers in the Golden State and elsewhere, Wells Fargo & Co. is tightening its mortgage lending guidelines in more than 200 markets across the country, including more than 30 markets in California that it has labeled severely distressed or distressed..." <-Read full story.


Hawaii takes 3 spots on top 10 beach list
Pacific Business News (Honolulu)Wednesday, February 27, 2008
"Three Hawaii beaches were named to TripAdvisor's top 10 beaches in the United States by TripAdvisor travelers and editors..." <-Read full story.


Steep losses in 2007 at Fannie Mae
Pacific Business News (Honolulu)Wednesday, February 27, 2008
"Fannie Mae reported losses of more than $2 billion each in the 2007 fourth quarter and the entire year as the sluggish housing and mortgage markets hurt the company..." <-Read full story.


January's foreclosure activity up 57%, California leads nation in filings
Silicon Valley / San Jose Business Journal Tuesday, February 26, 2008
"Foreclosure filings in the nation -- which include default notices, auction sales notices and bank repossessions -- were up almost 57 percent year over year in January, according to an online marketplace for foreclosure properties..." <-Read full story.


Hawaii foreclosures 42nd in country
Pacific Business News (Honolulu)Wednesday, February 26, 2008
"Foreclosure activity is still growing in much of the country, but in Hawaii the rate is still one of the lowest in the nation..." <-Read full story.

News of the Week...

Oahu home prices remain stable
Pacific Business News (Honolulu) Monday, February 4, 2008 - 10:04 AM HAST
"Home prices on Oahu appear to be holding up in 2008 despite fewer sales, with the median price of a single-family home in January unchanged from 2007..." <-Read full story

Owner plans new look for Ward Centers
Pacific Business News (Honolulu) Wednesday, February 6, 2008 - 3:43 PM HAST
"The owner of Honolulu's Ward Centers wants to redevelop the area into a leafy urban neighborhood of shops and restaurants with public plazas and pedestrian-friendly streets..." <-Read full story

Waikiki center gets new name, logo
Pacific Business News (Honolulu) Thursday, February 7, 2008 - 11:03 AM HAST
"Royal Hawaiian Shopping Center, which is undergoing a $115 million remodeling to change its street facade and layout, is also changing its name and logo..." <-Read full story

Hawaii hotels lose out to time shares, condos, ships
Pacific Business News (Honolulu) Friday, February 8, 2008 - 2:55 PM HAST
"The number of tourists choosing to stay in Hawaii hotels dropped in 2007, with more staying in condos, time shares and on cruise ships..." <-Read full story

Honolulu one of most secure cities to live
Pacific Business News (Honolulu) Friday, February 8, 2008 - 10:47 AM HAST
"Honolulu was ranked one of the most secure places to live in the United States in a recent report by Sperling's BestPlaces..." <-Read full story

Transit system likely won't improve traffic
The Honolulu Advertiser By Sean Hao Sunday, February 10, 2008
"It's unlikely Honolulu's planned $3.7 billion transit system will affect deteriorating peak-hour traffic conditions along the H-1 corridor, according to city projections..." <-Read full story

Waikiki renaissance has begun
The Honolulu Star-Bulletin By Nina Wu Sunday, February 10, 2008
"The Outrigger's $535 million project is exceeding its expectations with the Trump Hotel opening yet to come in 2009..." <-Read full story

Lewers Street of yesteryear gets contemporary make-over
The Honolulu Star-Bulletin By Nina Wu Sunday, February 10, 2008
"The aging Lewers Street, as old Waikikians knew it, has been transformed..." <-Read full story

Oahu's Foreclosures...

Hawaii foreclosures rise, but rank low nationally
The Honolulu Advertiser
"The number of foreclosure filings in Hawai'i tripled in December compared to a year earlier, though the foreclosure rate for the entire year remained one of the lowest nationwide..." <-Read full report.

Low Interest Rates!

Hawaii’s mortgage rates fall to 4-year low
Honolulu Star-Bulletin By Kristen Consillio

"Hawaii home buyers are seeing the lowest mortgage rates since 2004 when rates fell to a 40-year historical low..." <- Read

Recent Leasehold News...

Judge lets ranch oust leaseholders
Honolulu Star-Bulletin By Nina Wu 1/19/08

"A Circuit Court judge ruled yesterday in favor of Kaneohe Ranch Co. in its battle against lessees at the Kailuan cooperative, meaning more than a dozen people will be evicted by Feb. 15..."


Kailuan eviction hearing slated for tomorrow
Honolulu Star-Bulletin By Allison Schaefers 1/15/08

"A Circuit Court judge could decide tomorrow whether former leaseholders at the Kailuan cooperative, whose lease expired on Dec. 31, have enough arguments to halt eviction proceedings or pursue their own case against landowner Kaneohe Ranch..."


Court revives lease-to-fee efforts of 36 condo owners
Advertiser By Andrew Gomes 1/15/08

"A federal appellate court yesterday reinstated a lawsuit that may allow 36 current or former owner-occupants in Waikiki's Discovery Bay condominium to buy the fee in their leasehold units or collect damages from the city..."

Recent Leasehold News...

Judge lets ranch oust leaseholders

Honolulu Star-Bulletin By Nina Wu 1/19/08

"A Circuit Court judge ruled yesterday in favor of Kaneohe Ranch Co. in its battle against lessees at the Kailuan cooperative, meaning more than a dozen people will be evicted by Feb. 15..."


Kailuan eviction hearing slated for tomorrow

Honolulu Star-Bulletin By Allison Schaefers 1/15/08

"A Circuit Court judge could decide tomorrow whether former leaseholders at the Kailuan cooperative, whose lease expired on Dec. 31, have enough arguments to halt eviction proceedings or pursue their own case against landowner Kaneohe Ranch..."


Court revives lease-to-fee efforts of 36 condo owners

Advertiser By Andrew Gomes 1/15/08

"A federal appellate court yesterday reinstated a lawsuit that may allow 36 current or former owner-occupants in Waikiki's Discovery Bay condominium to buy the fee in their leasehold units or collect damages from the city..."

A Report to Improve Awareness of Predatory Lending...

Book Excerpt: Continuing Education
3 Signs of Predatory Lending
BY MARIE SPODEK, GRI, AND JEROME MAYNE

"By definition, greater upfront costs and continuing higher interest payments are some of the differences between prime lending and subprime lending. While providing opportunities to build equity through homeownership, subprime lending does cost more..." <-Read full report.

Housing Market Statistics...

Oahu home, condo sales fell 12% in '07
Pacific Business News (Honolulu) Wednesday, January 2, 2008 - 2:44 PM HAST

"Sales of single-family homes fell 10 percent on Oahu in 2007, according to figures released Wednesday by the Honolulu Board of Realtors..."