Hawaii Foreclosure Rate Triples

Hawaii’s foreclosure rate for December 2008 skyrocketed 238 percent, year over year, based on a report recently released by RealtyTrac.  Read the entire article from the Star Bulletin.

It’s interesting to me that none of the press coverage I’ve read makes any mention of Act 137 which passed in June, and the connection between making it harder for homeowners to sell their distressed properties, and the increase in foreclosures.  For a brief overview , and written Summary of Act 137, www.Kauai-ShortSales.com.

Pacific Business News reports that Hawaii is slated to receive $19.6M in federal funds to purchase foreclosed properties with the goal of creating affordable housing.   Kauai’s piece of that pie is only $1.3M.  So far, Kauai County Government has not been effective with Affordable Housing initiatives.  Let’s hope this money is spent wisely, and truly does help those in need.

Homeowner Anxiety

Homeowner Anxiety

Where’s the money???  In September, I wrote a post on the Credit Crisis and a possible solution that would directly address distressed homeowners.  Now it’s four months later and how many billions have been put into our financial market?  Where’s the help to prevent foreclosures?    It would cost less to implement solutions to help homeowners retain economic viability, than to foreclose and buy properties. 

In Hawaii, local culture tends to respect authority and not complain.  Many Kauai homeowners facing foreclosure were SOLD bad loans by unlicensed “professionals” who were not under any regulation or oversight.  Rather than offer a solution to honest, hardworking homeowners it appears that the federal government is financing predatory investing by local Kauai County Government in foreclosed properties. 

It usually costs less to prevent a problem, than to try to fix it!  Maybe I’m oversimplifying things – but sometimes common sense can actually work!

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About Susanna "Susie" Kunkel, RA

With a belief that life is too short to not follow your dreams, Susie and her daughter became new Kauai residents in less than 4 months after visiting for the first time in 2000. She brings a wealth of information from her background in administrative, contract and paralegal work in a variety of industries including technology, investment banking, biotech and estate planning. As a Realtor, Susies's tenacious and technical approach have earned her a large group of extremely loyal clients. Susanna is a steadfast believer in "The Golden Rule", and applies it to her approach as a Realtor. "Each client and each property are unique, so it's important to me to listen intently to what my clients' goals are, and to make sure I go above and beyond to help meet them."
This entry was posted in Affordable Housing, America's Credit Crisis, Foreclosure Prevention, Housing market, Kauai foreclosures, Kauai market updates, Kauai news, Selling your home, Short Sales and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

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