Real Estate Highlights

Honolulu Board of Realtors Releases June 2011 Resales Statistics -

2011-07-07T12:23:00.001-07:00

The Honolulu Board of Realtors released the June 2011 resale statistics for the MLS data this morning. The statistics appear steady.

Single Family Home sales for June 2011 had a median price of $562,500, 3.4% below last year's median. The number of sales came in 15.9% lower than last year, at 248 transactions. The average days on market is slightly higher in comparison to the year to date average in 2010, coming in at 37 days compared to 31 last year.

Condominium and Townhouse sales for June 2011 had a median price of $301,000, up .3% from last June. The number of sales came in 19.9% lower than last year, at 354 transactions. The average days on market is about the same in comparison to the year to date average in 2010, coming in at 41 days compared to 40 last year.

In both markets, inventory is down this year in comparison to June 2010. The months of remaining inventory for single family homes is down 7.7% at 6.1 months. The condominium and townhouse market inventory is down 3.3% at 5.8 months of remaining inventory.

Source: Honolulu Board of Realtors Monthly Indicators Report June 2011 [PDF]

If your are curious about your neighborhood's local performance, check out the Honolulu Board of Realtors Local Market Updates for June 2011. [PDF]

Using Twitter to post the Honolulu Real Estate Related News feeds...

2009-07-06T12:42:00.000-07:00

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Iolani buys property for future expansion

2009-06-30T18:41:00.000-07:00

Tuesday, June 30, 2009, 2:41pm HAST
Iolani buys property for future expansion
Pacific Business News (Honolulu) - by Randi Petrello
"Iolani School bought 5.5 acres of property next to its Honolulu campus for $23 million..."

Iolani School buys 5.5-acre parcel adjacent to campus for $23 million

2009-06-30T18:35:00.000-07:00

"Iolani School announced today that it has purchased 5.5 acres of land adjacent to its campus for $23 million..." by Advertiser Staff 6/30/09

Study: CFOs see no recovery until 2010

2009-03-05T15:49:00.000-08:00

Wednesday, March 4, 2009, 12:36pm HAST
Study: CFOs see no recovery until 2010
Pacific Business News (Honolulu)

A new Duke University survey of chief financial officers suggests that the global recession will last well into 2010 – with harsh effects on the economy.

Click for full report.

"Home prices forecast to drop 17% in 3 years"

2009-03-05T12:17:00.000-08:00

Home prices forecast to drop 17% in 3 years

By Andrew Gomes
Advertiser Staff Writer

University of Hawai'i economists are predicting that O'ahu is in store for a multiyear housing price decline of about 17 percent.

Click for full story

Economic slowdown likely to last until 2010

2008-06-13T15:53:00.000-07:00

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

2008-05-29T20:10:00.000-07:00

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

2008-05-29T20:09:00.000-07:00

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

2008-05-29T20:07:00.000-07:00

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

2008-05-29T20:05:00.000-07:00

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

2008-05-29T20:03:00.000-07:00

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...

2008-05-12T15:48:00.000-07:00

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...

2008-04-27T19:47:00.000-07:00

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...

2008-04-21T19:49:00.000-07:00

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"...

2008-04-16T16:24:00.000-07:00

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.

2008-04-16T16:22:00.000-07:00

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...

2008-04-16T16:20:00.000-07:00

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...

2008-04-16T16:18:00.000-07:00

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

2008-04-16T16:14:00.000-07:00

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.

2008-04-10T16:21:00.000-07:00

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...

2008-04-06T13:53:00.000-07:00

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...

2008-04-06T11:18:00.000-07:00

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...

2008-04-06T11:08:00.000-07:00

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...

2008-04-02T10:07:00.000-07:00

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.

2008-03-31T13:58:00.001-07:00

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!

2008-03-10T18:55:00.000-07:00

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?

2008-03-06T10:30:00.000-08:00

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

2008-03-04T15:09:00.000-08:00

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...

2008-02-10T16:06:00.002-08:00

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...

2008-01-29T19:02:00.000-08:00

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!

2008-01-19T14:55:00.000-08:00

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...

2008-01-19T14:43:00.001-08:00

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...

2008-01-19T14:43:00.000-08:00

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...

2008-01-04T09:53:00.000-08:00

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...

2008-01-03T19:00:00.000-08:00

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..."

2007-12-29T13:43:00.000-08:00

Mortgage rates rise at largest banks
Pacific Business News (Honolulu) Friday, December 28, 2007 - 1:01 PM HAST

"Mortgage rates at Hawaii's largest banks nudged upward this week after dipping below 5.75 percent at most of the major lenders last week..." <- Read Full Story.

Bush bill...

2007-12-20T11:44:00.000-08:00

Bush signs bill to aid homeowners facing foreclosure
Associated Press/The Honolulu Advertiser

"WASHINGTON — President Bush on Thursday signed a measure to provide financial relief for financially strapped homeowners facing foreclosure or in bankruptcy..." <-Read full story.

Hawaii's Foreclosure Ranking...

2007-12-19T18:43:00.000-08:00

Hawaii foreclosures rank 44th in country
Pacific Business News (Honolulu)

"Hawaii had 113 foreclosure filings in November, an increase of 53 percent over the 74 filings in November 2006..." <- Read full story.

Hawaii's Foreclosure Ranking...

2007-12-19T10:56:00.000-08:00

Hawaii improves its home-foreclosure ranking
By Andrew Gomes
Advertiser Staff Writer

"Hawai'i improved one spot on a national home-foreclosure ranking in November, though foreclosure activity was still higher than it was in the same month last year..." <-Read full story.

Oahu's Leasehold Home Properties in the Spotlight...

2007-12-16T18:22:00.000-08:00

Leasehold owners face tough decision
CINDY ELLEN RUSSELL Honolulu Star-Bulletin

"Leasehold owners are wrestling with what to do with their properties as expiration dates on their homes draw near..." <-Read Full Story

I have personally been involved in many transactions on several of the properties on the list of leasehold properties due to expire soon. Only time will tell what the out come will be. -Rick

12/18/07 Editorial
Let leasehold problem die a market-force death
Honolulu Star-Bulletin Editorial Opinion
"THE ISSUE
Leases of about 1,500 condos and apartments are set to expire in the next decade..."

Real Estate Complaints Rise...

2007-12-14T11:30:00.000-08:00

Gripes against Hawaii real estate agents rise
By Andrew Gomes
Advertiser Staff Writer
"Complaints filed with the state against Hawai'i real estate agents in the last fiscal year rose to a six-year high, while the number of fines issued was the highest in at least a decade..." <- Read full story.

With the real estate market on a cooling off or down trend, more complaints will arise as consumers tend to be dissatisfied with their purchases. -Rick

Avoid Fraud...

2007-12-12T15:29:00.000-08:00

Go to youtube.com/user/AvoidFraud and watch a video that Freddie Mac (Major Lender) has posted. Remember not to be afraid to ask your bank for help if you need it! <-Click

Fannie Mae and Freddie Mac don't look good...

2007-12-11T18:18:00.000-08:00

Fannie, Freddie chiefs see tough 2008
By MARCY GORDON
AP Business Writer

"WASHINGTON (AP) -- The chief executives of Fannie Mae and Freddie Mac on Tuesday warned their ailing mortgage-finance companies will suffer further in 2008 due to a weakening housing market and rising home-loan defaults..." <-Read Full Report.

Feds cut interest rates......

2007-12-11T18:00:00.000-08:00

Fed cuts key interest rate for third time in 3 months
By MARTIN CRUTSINGER
Associated Press Economics Writer

"WASHINGTON — The Federal Reserve cut a key interest rate by one-quarter of a percentage point Tuesday, trying to keep the country out of recession..." <-Read Full Report.

This could mean that you might see a rise in the mortgage rates. It will affect how and where people invest their money. -Rick

Oahu Home Resales Down...

2007-12-11T17:50:00.000-08:00

Oahu home resales drop 22%
Pacific Business News (Honolulu) Tuesday, December 11, 2007 - 10:50 AM HAST

"Oahu's single-family home resale market experienced its largest decline in volume this year during the latest three-month period..." <-Read Full Story.

Hawaii Kai B&B...

2007-12-10T09:49:00.000-08:00

B&Bs on Hawaii Kai zoning panel agenda tonight
Advertiser Staff Updated at 7:15 a.m., Monday, December 10, 2007
"The Hawai'i Kai Neighborhood Board's Planning and Zoning Committee will discuss bed-and-breakfast homes in residential areas, beach access and the historic significance and preservation of the wetland areas at Hawea Heiau near the Oahu Club from 5:30 to 7 tonight at the Hawai'i Kai Public Library..." <--Read full report.

Hawaii Foreclosures...

2007-12-01T10:10:00.000-08:00

Hawaii foreclosures up, but still few
Pacific Business News (Honolulu)
"Foreclosure filings in Hawaii in October are up 102 percent from 2006, but the actual number of filings is still small, up from 65 filings to 131..." <-Read Full Story.

University of Hawaii Releases a Global Economic Study...

2007-12-01T09:56:00.000-08:00

University of Hawai'i Economic Research Organization
UHERO Global Economic Forecast:
Faltering American Economy Will Cause Global Slowing <-Read Report
November 30, 2007
Byron Gangnes

This is a very interesting report on the World's Economy... - Rick

Honolulu's Home Price Growth...

2007-11-20T15:42:00.000-08:00

Honolulu leads U.S. in home price growth
Monday, November 19, 2007 - 11:28 AM HAST Pacific Business News (Honolulu)

"Honolulu had the highest rate of home price appreciation in the nation over the past year, according to new data..." <-Read full story.

This could be a positive or a negative depending on how you think it will affect you... - Rick

A Low-Interest Financing option for Native Hawaiians...

2007-11-16T10:34:00.000-08:00

New low-interest loan program available for native Hawaiians
By Allison Schaefers Honolulu Star-Bulletin

"Qualifying native Hawaiian consumers and businesses now have access to a unique fixed, low-interest loan that can be used for home improvement, education or business expansion..." <-- Read full story.

Honolulu Home Prices UP again...

2007-11-16T10:29:00.000-08:00

Oahu home prices rise, sales drop
Thursday, November 15, 2007 - 11:56 AM HAST Pacific Business News (Honolulu)

"Home prices on Oahu keep rising this year, even as the number of sales declines,..." <-- Read full story.

197 Foreclosure Filings in Honolulu...

2007-11-15T10:12:00.001-08:00

Honolulu among lowest for foreclosures
Wednesday, November 14, 2007 - 3:30 PM HAST Pacific Business News (Honolulu)

"Honolulu ranked 97th for foreclosure rates in the 100 largest metropolitan areas in the third quarter, according to a report released Wednesday by RealtyTrac..." <-- Read full story.

The Credit Crunch and Countrywide...

2007-11-15T10:08:00.000-08:00

Countrywide loan activity plummets
Wednesday, November 14, 2007 - 2:38 PM HAST Pacific Business News (Honolulu)

"Countrywide Financial Corp.'s mortgage loan fundings dropped 48 percent in October as the company continued to feel the effects of the credit crunch and cut down on subprime mortgages..." <-- Read full story.

Oahu's home prices stable...

2007-11-02T11:32:00.000-07:00

Honolulu home resale prices remain stable
By Andrew Gomes Advertiser Staff Writer

"The median price for existing O'ahu single-family homes last month continued to hover around the $650,000 mark as Hawai'i's largest housing market exhibited more price stability amid declining sales..."

Oahu home prices rise while sales keep lagging
By Allison Schaefers Honolulu Star-Bulletin

"Although the number of homes sold on Oahu last month continued to lag year-ago levels, prices notched up slight gains, according to resale figures released yesterday by the Honolulu Board of Realtors..."

Hawaii's Foreclosures... UP!

2007-11-02T11:24:00.000-07:00

Hawaii home foreclosures rise in Q3
Pacific Business News (Honolulu)Thursday, November 1, 2007 - 2:41 PM HAST

"Hawaii home foreclosures rise in Q3..."

Condo median prices up... Home sales prices flat...

2007-11-02T11:17:00.000-07:00

October Oahu home sales, prices flat
Pacific Business News (Honolulu)Thursday, November 1, 2007 - 2:41 PM HAST

"Oahu's residential resale market stayed fairly stable last month, with a slight increase in price for single-family homes and relatively flat sales..."

Countrywide's Effort on the mortgage crunch! And a FREE seminar on Tuesday...

2007-10-26T16:26:00.000-07:00

Countrywide offers 'home preservation' deal
Pacific Business News (Honolulu)Tuesday, October 23, 2007 - 9:33 AM HAST

"In the wake of the credit crunch and troubles with the subprime mortgage market, Countrywide Financial Corp. will refinance or restructure $16 billion in mortgages as part of a "home preservation program" aimed at keeping at-risk homeowners in their homes..." <-Read full story.

With the publishing of that news report, I will provide some tips given at a few recent "Short Sale & Foreclosure" seminars.

-Prepare your written explanation describing your financial hardship.
-Call your Realtor right away to find out what the market conditions are for your property.
-Call your bank before you miss a payment and discuss your concerns with them.
-Negotiate with the "Default Alternatives Dept" a.k.a. "Short Sale Group" or "Work Out Department". This is the department that will try to work out an agreement to prevent you from having a short sale or foreclosure.
-Call your bank early in the morning in their time zone's working hours before their day is filled with other complaints or problems.
-Consider asking for a bearance agreement that could allow you to postpone payments if your financial hardship is temporary.
-If you receive a package of documents from your bank requesting you to submit your formal application to do a short sale, be sure to completely fill out and provide all information. If anything is missing from the package, your request will be delayed.
-If you qualified for your loan based on "stated income" and are concerned that you may have exaggerated your income, you should probably still call your bank because they will avoid bad press or publicity questioning their routine practices of verifying your income. **Warning- if you falsified your income, it is a considered a crime of fraud!!! You should consult an attorney to know your options.**

Hopefully you aren't in this situation, but if you are or know someone who is I hope this information helps you keep the issue to a minimum. -Rick

FREE SEMINAR...
If you are interested in attending a free seminar on Tuesday October 30th 1230pm-4pm at the Ala Moana Hotel, please let me know. It is titled "Real Estate Investment Strategies-Growing Your Money Tree" and the topics and the speakers and sponsors are:
• Investment Strategies — Cris Bordon, Co-Director, Kobo Wealth Conservancy & Family Office
• Financing Your Investment Property — Zachary Stankovits, Principal Broker, Pacific Home Finance
• The Tax Deferred Exchange — Michael J. Yesk, Esq., Investment Property Exchange Services, Inc.
• Increase Wealth, Improve Cash Flow and Reduce your Risk — Troy Simmons, Regional Vice President, Spectrus

I can email you more specifics and also try to get you reserved for a seat. The speaker, Michael Yesk is especially worth listening to!!

--Rick

Waimanalo Enterprise Zone Program...

2007-10-26T12:15:00.000-07:00

Waimanalo gets enterprise zone
Pacific Business News (Honolulu) Tuesday, October 23, 2007 - 3:54 PM HAST

The City & County of Honolulu wants to establish an agricultural-oriented enterprise zone for parts of Waimanalo on Oahu's Windward Coast... <-Read full story.

This program may stimulate economics in the Waimanalo area. I may also increase demand for residences in and near the area. -Rick

New Kapiolani Condo Conversion by Abe Lee Development

2007-10-16T11:49:00.000-07:00

Kapiolani building converted to condos
Pacific Business News (Honolulu)
"Realtor Abe Lee has put another condominium conversion project on the market, a 21-unit, three-building complex on Kapiolani Boulevard near Kaimuki High School..." <--Read full story.

This is a great oppurtunity for simple home ownership in town. - Rick.

Quarter 3 PBN report on market

2007-10-15T11:03:00.000-07:00

Oahu Q3 home prices up, sales down
Pacific Business News (Honolulu) - by Janis L. Magin

"The prices of Oahu homes and condominiums rose about 3 percent in the third quarter but there were fewer sales, according to a new report..." <--Read full story.

Disney Resort coming to Hawaii!

2007-10-03T19:24:00.000-07:00

Disney announces resort at Ko Olina
Pacific Business News (Honolulu)

"Walt Disney Parks and Resorts plans to build its first resort in Hawaii, a large luxury hotel and time share on 21 acres of oceanfront land it is acquiring at Ko Olina Resort..." <-- Read Full Story.

<-- Click for Disney's press release.

West Oahu is going to be getting some additional exposure soon. This plan sounds like a good idea to spread the job sources out in that side of Oahu. More people will be able to find work and live near the area they work! - Rick

Home Prices in the news... (3 papers)

2007-10-03T11:24:00.000-07:00

Three local papers report on housing prices...

Home prices steady, sales down on Oahu
Pacific Business News (Honolulu)
"Home prices on Oahu held steady last month as the number of single-family home sales fell to the lowest level in more than 18 months, according to statistics released Tuesday..." <--Read full story.

Hawaii home sales down on Oahu
By Andrew Gomes
Advertiser Staff Writer
"Sales of existing homes on O'ahu continued to tumble in September, but median prices were about 5 percent higher compared with the same month last year..." <--Read full story.

Home sales down, prices up
By Allison Schaefers
Honolulu Starbulletin Writer
"A big drop in sales on Oahu hasn't stopped the prices from rising..." <--Read full story.

Hawaii's ranking in fair housing complaints...

2007-10-01T15:48:00.000-07:00

Hawaii housing bias may be underreported
By Mary Vorsino
Advertiser Urban Honolulu Writer

"Only 43 people pursued housing discrimination cases with the Hawai'i Civil Rights Commission during the last fiscal year ・a slight decrease from the year before..." <--Read full story.

This is a good article for private landlords and tenants to read. I know it occurs out there because most landlords are not licensed agents in Hawaii. - Rick

Honolulu's 'performance' improves... by PBN

2007-09-27T11:25:00.000-07:00

Honolulu's 'performance' improves
By: Pacific Business News (Honolulu), Wednesday, September 26, 2007 - 11:12 AM HAST

"Honolulu has moved up in a national survey that ranks the "best-performing cities."..." <-- Read full story.

New reports on Hawaii's Foreclosures...

2007-09-19T13:43:00.000-07:00

Isles' August foreclosures up sharply
Pacific Business News (Honolulu) - 2:43 PM HAST Tuesday, September 18, 2007
"Hawaii had one of the lowest home foreclosure rates in the nation in August, but the numbers are up sharply from July..." <--Read Full Report.

PBN's Report on Hawaii's Low Mortgage Rates...

2007-09-17T10:44:00.000-07:00

Local mortgage rates below national average
Pacific Business News (Honolulu) - September 14, 2007
"Hawaii's three largest banks continued to offer 30-year fixed-rate mortgages at interest rates below the national average..." <--Full Story.

Call a loan officer or mortgage broker now to check on your qualifications. -Rick

News Reports Hawaii Mortgage Interest Rates Down a Bit!

2007-09-10T10:57:00.000-07:00

Hawaii mortgage rates continue fall
Pacific Business News (Honolulu) - September 7, 2007
"Hawaii's second and third largest banks this week followed First Hawaiian Bank's lead in lowering rates on 30-year, fixed-rate mortgages to 6 percent..." <--Full Story

3 Local Papers Reports on the Local Housing Economy

2007-09-06T12:04:00.000-07:00

Oahu home sales, prices up
Pacific Business News (Honolulu) - 9:42 AM HAST Wednesday, September 5, 2007
"Sales of single-family homes on Oahu rose last month to the highest level so far this year, and prices of houses and condominiums also rose when compared with August 2006..." <--Read Full Story.

Oahu home sales, prices up
By Andrew Gomes
Advertiser Staff Writer
"O'ahu's housing market continued to display its stamina last month, with slight increases in median sale prices of existing homes as many Mainland markets are tanking...." <--Read Full Story.

Oahu home sales, prices up
The Honolulu Star-Bulletin By Nina Wu
"The median price of a home on Oahu jumped to $650,000 in August, 2.4 percent higher than it was the same time last year. Compared to July, the price was 1.6 percent higher...." <--Read Full Story.

Pacific Business News report to keep you informed on the mortgage company changes.

2007-09-05T12:04:00.000-07:00

Charter Funding will reopen as IndyMac
Pacific Business News (Honolulu) - 11:52 AM HAST Tuesday, September 4, 2007
"Charter Funding of Hawaii offices will reopen under the IndyMac Bank brand next week as the California-based company expands its lending presence in the Hawaii mortgage market..."

A Honolulu Advertiser report on the changes in home mortgages and how it's affecting buyers and sellers.

2007-09-04T11:23:00.000-07:00

Down payments soar for Hawaii mortgages
By Andrew Gomes
Advertiser Staff Writer
"Cash.

It used to be that very little, if any, was needed to buy a home, and that helped scores of Hawai'i residents in recent years buy property in one of the nation's costliest housing markets..." <--Read full report.

2 Stories covering Mortgage/Foreclosures and Scams

2007-08-22T15:49:00.000-07:00

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

2007-08-18T13:18:00.001-07:00

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....

2007-08-17T11:50:00.000-07:00

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.

2007-08-15T18:04:00.000-07:00

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.

2007-08-03T13:35:00.000-07:00

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

2007-08-03T13:15:00.000-07:00

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

2007-08-03T11:02:00.000-07:00

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

2007-08-02T12:46:00.000-07:00

$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

2007-08-01T12:27:00.000-07:00

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.

Another report of the Federal Gov't investigating into subprime loans.

2007-07-18T15:40:00.000-07:00

Fed targets subprime loans

Advertiser Staff and News Services
"WASHINGTON — Federal and state regulators yesterday announced a coordinated effort to weed out deceptive or unfair practices at some of the nation's largest subprime mortgage lenders..." <-click for full story.

Report on a problem with the Kukui Gardens sale.

2007-07-18T15:35:00.000-07:00

Kukui Gardens sale hits federal snag

By Rick Daysog
Advertiser Staff Writer
"The $131 million sale of the Kukui Gardens affordable housing complex near Chinatown has hit a snag..." <-click for full story.

The Honolulu Advertiser's report on the newest Waikiki Luxury Condo, Allure, that recently opened for sales. It's off to a decent start! -Rick

2007-07-09T16:05:00.000-07:00

Waikiki's new luxury high-rise condominiums still have strong buyer appeal
By Andrew Gomes Advertiser Staff Writer
"New luxury high-rise condominiums in Waikiki still have sturdy buyer appeal, judging by the response to the latest planned tower that recently began sales in the midst of Hawai'i's generally cooling housing market..."

Another article in the news about the cautions of non-traditional mortgages. Interest rates are going up! -Rick

2007-07-06T12:43:00.000-07:00

Monthly mortgage payments going up
Andrew Gomes Advertiser Staff Writer
"Many Hawai'i homeowners with adjustable-rate mortgages will face higher monthly payments in the next year..."

Raceway Park owner wants it rezoned By Crystal Kua The Honolulu Star-Bulletin

2007-07-06T11:26:00.000-07:00

"The owner of the old Hawaii Raceway Park site is asking the City Council to rezone the 66-acre property to turn it into an industrial park..."
This does not deal with residential Real Estate, but if you have been following my personal interests and hobbies, it's obvious why I keep close watch on this subject. You can read more about how it affects me under "About Me"... -Rick

State warns of higher mortgage rates Pacific Business News (Honolulu) - 11:48 AM HAST Thursday, July 5, 2007

2007-07-05T18:08:00.000-07:00

"Homeowners with adjustable rate mortgages should prepare for interest rates to rise in the next year -- especially if they have subprime mortgages with nontraditional conditions...."
Hawaii's consumers have not widely used non-conventional mortgages as much as the rest of the Nation's consumers, but now the time has come, for the small percentage that have, to look into the next plan. -Rick

Oahu home, condo prices set record Pacific Business News (Honolulu) - 4:56 PM HAST Tuesday, July 3, 2007

2007-07-05T11:11:00.000-07:00

"The price of housing on Oahu set a new record in June..."
Even with rising mortgage rates, the Oahu Real Estate prices have managed to set another record. This could show the presence of the international cash purchasing economy... -Rick

500 Guam government workers hit by pay cuts Associated Press Honolulu Advertiser Posted at 7:03 a.m., Monday, July 2, 2007

2007-07-02T11:42:00.000-07:00

"HAGATNA, Guam — More than 500 top government workers in Guam, including members of the governor's Cabinet, are looking at paychecks this weekend that were cut 12.5 percent..."
Many local investors have been investing or looking into moving Real Property Investment to Guam from Hawaii's high prices. This news may affect future decisions regarding this idea. -Rick

Kamehameha Schools buys Varsity theater By Rick Daysog Advertiser Staff Writer

2007-06-28T10:23:00.000-07:00

The "Kamehameha Schools has acquired the Varsity Twin Cinema site and the nearby Varsity Office Building from Los Angeles-based Robertson Properties Group..."
Kamehameha Schools may add more of the "College Town" feel to the University of Hawaii area. Perhaps dorm apartments? -Rick

Kaka'ako burials must stay put, Honolulu developer told By Gordon Y.K. Pang Advertiser Staff Writer

2007-06-28T10:16:00.000-07:00

"The company behind the $100 million Victoria Ward Village Shops redevelopment project in Kaka'ako is being told by the state to leave 30 sets of iwi, Hawaiian burial remains, where they've been found..."
If you were waiting for this new development, plans may need to change. -Rick

Safeway names Kapahulu tenants Pacific Business News (Honolulu) - June 26, 2007

2007-06-27T10:57:00.000-07:00

"Three eateries, a bank, an ice cream shop and several coffee retailers have signed leases for space at Safeway Inc.'s new Kapahulu shopping center..."
This will be a very large development for Kapahulu Avenue. Some will appreciate its value and convenience others may not enjoy the expected increase in traffic to the already busy street that leads to Waikiki. -Rick

Hawaii growth rate still better than most Pacific Business News (Hon) - 9:32 AM Thursday, June 7, 2007 by Howard Dicus

2007-06-08T12:34:00.000-07:00

"Hawaii's economy, which began to show some signs of cooling in 2006, has nevertheless made the top 10 in a new breakdown of state shares of U.S. gross domestic product..."

Ewa Beach shopping center moves forward Pacific Business News (Honolulu) - 11:45 AM HAST Thursday, June 7, 2007

2007-06-08T12:27:00.000-07:00

A Mainland retail investment and development group has bought a 20-acre parcel in Ewa Beach and plans to spend some $100 million on developing a new shopping center.
More convenience is coming to Ewa (the West side of Oahu). The "Second City" is growing up to it's name. - Rick

Oahu median home price: $650K Pacific Business News (Honolulu) - 6:36 PM HAST Monday, June 4, 2007 by Howard Dicus

2007-06-07T15:00:00.000-07:00

"Oahu sales of existing single-family homes slowed in May, both in number and in price, the Honolulu Board of Realtors said Monday. Condo sales also slowed but prices improved..."

Hawaii Association of Realtors Bulletin Helping our clients understand financing options...

2007-05-26T12:38:00.001-07:00

This is the body of my most recent Hawaii Association of Realtor bulletin. It is designed for us (Realtors) to assist our clients understand the various financing programs out there and what to be cautious of. Rather than make you (my Clients or potential future Clients) ask me or a loan officer about these, I am publishing it on my website for you to study as you feel necessary. Many of you already are aware of what to be aware of, but there are always new programs that might be designed to lure consumers into a product that is not well suited for them.

Please read the following and ask me or your loan officer if you would like more information.

The National Association of REALTORS^® has teamed up with several other organizations and federal agencies to produce brochures that will help prospective buyers make informed decisions on which kind of mortgage is best for them.

Specialty (Non-Traditional) Mortgages: What are the Risks and Advantages?
Produced jointly by NAR and the Center for Responsible Lending, this brochure will help your clients assess the risks and advantages of interest-only, negative amortization, payment option ARM, and 40-year mortgages.
Download the Brochure >> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-105

Traditional Mortgages: Understanding Your Options
While specialty mortgages may help make homeownership more affordable, they generate more risk and consumers should understand these risks before they choose a mortgage. This brochure, also produced jointly by NAR and the Center for Responsible Lending, explains that for most consumers, traditional fixed-rate mortgages and adjustable-rate mortgages (ARMs) continue to be excellent options.
Download the Brochure>> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-125

Learn About FHA Mortgages
This brochure, produced by NAR, FHA, and the Department of Housing and Urban Development, outlines the changes to FHA and how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.
Download the Brochure>> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-128

How to Avoid Predatory Lending
Finding an affordable home loan with fair terms and reasonable costs is a crucial step towards achieving homeownership. Unfortunately, home buyers need to be aware that some lenders offer predatory loans that take advantage of consumers. This brochure, produced jointly by NAR and the Center for Responsible Lending, identifies the warning signs of predatory loans. It also gives consumers tips on how to avoid them, including questions they should ask when shopping for a loan.
Download the Brochure >> or Download the Brochure (TEXT)>>
Realtor.Org Store Item # 126-135

Mayor approves West Oahu ferry service Pacific Business News

2007-05-21T15:13:00.000-07:00

The mayor and City Council have approved the startup of a commuter ferry that will run from West Oahu to downtown Honolulu..."
--This could help ease the traffic situation coming to town in the morning and going back west in the afternoons. Rick--

Students bear brunt of dorm repair rush By Laurie Au The Honolulu Star-Bulletin

2007-05-21T15:01:00.000-07:00

Displacements like forcing residents to move twice in the last week are likely to continue..."
--Should the U.H. Student in your life put up with the dorm life or would he/she be better off in a starter apartment or condominium near campus?? Rick--

Kawamoto readies more charity homesBy Nina Wu The Honolulu Star-Bulletin

2007-05-18T11:54:00.000-07:00

Japanese billionaire Genshiro Kawamoto talked with media yesterday in one of the Kahala homes he will offer to a family to live in rent-free. The homes will be available starting this summer. At left is Kawamoto's interpreter, Ayano Hara." align="left" width="300">

Japanese billionaire Genshiro Kawamoto yesterday showed off the 4806 Kahala Ave. property that will be turned over to needy families he is selecting from more than 3,000 inquiries." align="left" width="300">"Genshiro Kawamoto says five more Kahala homes will be ready for families to move in..."

Photo courtesy CINDY ELLEN RUSSELL Honolulu Starbulletin

--This is a very interesting idea and situation for this Japanese billionaire to bring to the Kahala neighborhood. I am closely following this story. Rick--

Click to read full story ->

Oahu real estate market firming up Pacific Business News (Honolulu) - 2:27 PM HAST Friday, May 11, 2007

2007-05-11T18:56:00.000-07:00

"Sales are up, prices are up and the number of days homes on Oahu are staying on the market are down, all signs that the state's largest real estate market may be gaining strength..."

City measures seek to reopen raceway By Crystal Kua

2007-05-11T14:18:00.000-07:00

"Councilman Apo proposes a possible land swap for the city to obtain the site..."
--This is a subject that I follow closely. Not only it is a Real Estate matter, it involves Oahu's only motor sports raceway park! A place I used to frequent and miss. More of my hobbies and interests may be found under the "About Me" section of my website.-- Rick