Foreclosure filings in Hawaii set record

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HONOLULU (AP) – A new report out this week says the number of foreclosure filings in Hawaii hit an all-time high of 1,629 in August.

According to the foreclosure listing firm RealtyTrac Inc., Hawaii had the 10th-highest foreclosure rate in the nation last month, with filings equating to one for every 315 households in the state.

Hawaii’s old high of 1,534 filings was set in December. Last month’s record is 87 percent above the 869 foreclosure filings in August 2009.

Maui County again had the highest rate of the state’s four counties at one filing per 187 households with a total of 353. By ZIP code, Kihei topped the list with 121 foreclosures, followed by Lahaina with 94.

The Big Island had the next-worst county rate at one per 205 households for a total of 353. Kauai had 87 filings, or one per 342 households.

Oahu had the most foreclosures at 800, but the lowest rate at one for every 421 households.

Nevada posted the highest foreclosure rate in the nation, with one in every 84 households receiving a notice. That’s 4.5 times the national average.

MAUI BASED "BABY CARRIER COMPANY" BOUGHT FOR 91 MILLION!

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Maui baby products maker Ergo purchased for $91 million

 Maui-based baby products maker Ergo Baby Carrier Inc. has been purchased by Compass Diversified Holdings.

Compass said Friday that the enterprise value of the deal was $91 million. The company’s news release didn’t specify what it paid for its initial 84 percent stake in the company.

Based in Pukalani, Ergo is known for its wearable baby carriers and other items. Its products are sold at more than 700 U.S. retailers and online and in approximately 20 countries.

Compass said it used its revolving credit facility to pay for the deal and will incur about $1.9 million in acquisition costs.

As Compass acquires an 84 percent stake in Ergo, Ergo’s former owner and some other investors will retain the remaining 16 percent stake.

GO MAUI BABY MAKERS!!

ANOTHER INTERESTING OUTLOOK

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Aloha Hansen Ohana,
I thought that you may like this.  I think that Maui and Hawaii will be experiencing the “Baby Boomers” looking for and purchasing more and more homes.  With Maui being the #1 Second Home market, over the next few years, Maui and Hawaii in General should experience some good growth from the Baby Boomer generation.  Those that can not afford to purchase will look at renting, which will cause a higher demand of homes, and should cause prices of homes to go up over time.  I hope you enjoy the article. 
 Jeff Acree, 
 

    Jeff Acree
President
Money Express Mortgage		 (208) 475-1500
acree@moneyexpressmortgage.com		  
Real Estate Industry News
 A Glimmer of Hope for the Housing Market
 
While the residential and commercial real estate markets continue to struggle, with little to no hope of a speedy recovery, there is one segment of the market that could help shore up this challenging situation.  And it’s one that the professional real estate agent needs to be aware of.
Our nation’s many baby boomers are approaching retirement age, and they are going to need a place to live.
The Census Bureau estimates that 100 million people in the US are 50 years or older, representing nearly one-third of our country’s population.  These are the largest numbers this demographic have ever posted, and with more active lifestyles they are living longer as well.
For many of these current and future retirees, the recent recession and housing crisis have left a wake of decreased home values and depleted investments.  It is a natural transition for empty-nesters to move out of their big family homes and either retire to someplace warm or take up residence in condos or in smaller, more manageable retirement homes.  With limited resources this will be more difficult now than it has been in years past.  The result of this is the need for governments — federal, state and local — to create affordable seniors housing; and lots of it.
On the flip side of the coin is the segment of baby boomers that have weathered the economic storm and are still forging ahead with their particular retirement strategies.  This group will be looking for, or will have already purchased, second homes to be used for vacation/retirement.  For those in their later years or those with disabilities, the next move for them will likely be into some form of assisted living situation.
Seniors housing differs from other sectors in the real estate market in that it is not affected by general market trends.  Losses of employment and decreased equity in homes have adverse effects on the demand for commercial and family properties; however, senior’s housing will continue to be in demand, in one form or another, as the population continues to age.
Whether they have maintained the resources to do it on their own, or if they are in need of government support, the bottom line is there will have to be more housing to accommodate the increasing demand.  Most markets in the nation are experiencing a shortage of senior housing options which is good news for developers and investors alike.
Either way you look at it, the baby boomers are going to help this troubled real estate market of ours by initiating more transactions, and they will also, therefore, stimulate the economy by creating jobs for the workers needed to build the new seniors facilities and the staff to care for them once they have moved in.
In a time full of depressing stories about the real estate market … there is, indeed, a glimmer of hope!

 

 
Jeff Acree
210 12th Avenue Road
Nampa, Idaho 83686
 (208) 859-8444 Cell

 

Jeff Acree has been Idaho’s Loan Officer of the Year. He has also been chosen as Idaho’s Mortgage Broker of the Year. He is the past Idaho Association of Mortgage Brokers’ President. He has helped thousands of customers over his 25 year career. Call him today at (208) 475-1500 so he can help you or your friend with a Mortgage Loan. He is truly a Mortgage Loan Specialist. Let Jeff’s knowledge, expertise, honesty, integrity, and professionalism help you obtain your next Mortgage Loan.

 

The Daily Communicator ©2006

ECONOMIC RECOVER UPDATE

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THANK YOU BILL LAMPKIN FOR THIS ECONOMIC REPORT.

Here is the most recent Wells Fargo Economic Update.  We received this link from Bill.  Be sure to contact him with any questions.  Here’s the link and Bill’s info.  Call the Hansen Ohana for your other real estate needs!

https://www.wellsfargo.com/com/research/economics/economic_commentary

 

 

Bill Lamkin

Private Mortgage Banker 1

Wells Fargo Home Mortgage of Hawaii, LLC MAC M2203-011 70 E Kaahumanu Ave, Ste A12 Kahului,  HI  96732

(808) 873-3715 Tel

(808) 344-6344 Cell

(866) 471-9084 Fax

William.P.Lamkin@wellsfargo.com

 

Interest rates are still LOW!! Mortgage Rates 101, Read here!

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It’s out there, the house of your dreams. And quite possibly, it is the first time you are buying a home. Consider this Mortgage Rates 101.

“Mortgage rates vary from lender to lender, so you’ll want to compare current mortgage rates,” said Wendy Kurosawa a CPB Homeloans consultant. “Ask each lender what its current mortgage interest rates are and whether the rates being quoted are the lowest for that day or week.”

With mortgages, as with many things in life, it’s not “one size fits all.”

“When you start to compare rates, you want to ask if the rate is fixed or adjustable. Keep in mind that when interest rates for adjustable rate loans go up, generally so will your mortgage payment,” said Kurosawa.

You have to know about other “bank” phrases. APR means Annual Percentage Rate and that can figure into the monthly cost of the mortgage.

“Other costs that contribute to the varying APR’s include private mortgage insurance, which is PMI, paid during the term of the loan,” said Kurosawa.

There are other mystical terms when it comes to buying a home, especially if you’re a first time home buyer. You will hear about “points.”

“Points are fees paid to the lender for the loan and often linked to the interest rate. Usually the more points you pay, the lower the interest rate will be,” explains Kurosawa. “So for example, two points charged on a $100,000 loan would equal to $2,000.”

Her “point” is, the more money you pay up front, the lower the monthly mortgage will be, whether it comes to points or a down payment. If you are a first time homebuyer, it’s probably a good idea to talk with a home loan consultant.

(Donna Hansen, Karen Leach, Khon2, Maui News)