ranking real estate

Report: Nearly 1M bank foreclosures in process http://bit.ly/dDwxR Pacific Business News 9/30/09 Brian Bandell #realestate #foreclosures

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What is going on with the Hilo residential market? From June to August we have seen the year to date number of sales continue to drop, but at a slower rate, while the actual year to date median home price has shown a slight uptick.

June YTD – Sales Activity <17.65%> Median Home Price $256,250
July YTD – Sales Activity <14.42%> Median Home Price $257,500
August YTD – Sales Activity <16.39%> Median Home Price $263,750

Summer months tend to be months with higher activity and the added sales will always have an effect on the overall median price. While it is far to early to call a bottom in price drops, it is interesting to see a 3 month period in which median prices did not fall sharply.

The next 3 month period leading up to December should be extremely interesting to see how the Hilo market reacts. Will we begin to see any effects from job cuts by the State, as well as the constant talk of a foreclosure wave due to Alt-A loans coming due, as well as the effect/non-effect of Government Stimulus money on our local economy and will our jobless rate continue to hover around 10%?

Some of these questions should be answered over the next few months…

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