Oahu home prices back on top - Pacific Business News (Honolulu):

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Yet, the primary risk to Oahu’s housingf market is still “what happenes to jobs,” Bonham said. “When people’s income goes or they lose their they’re being forced to throw their housr onthe market,” he said. coupled with adjustable interest rates that areadjustingh upwards, could cause Honolulj to see its foreclosure rate continue to he said. While Hawaii did not see the huge number of foreclosurez that crashed manyMainland markets, the states was ranked 14th in the nation in the number of foreclosurew starts during the first quarter, accordinfg to the Mortgage Bankers Association’s National Delinquency Survey.
“For us, the primaryu reason for foreclosures is going to be job loss andincomse loss, and adjustable rates,” Bonham said, noting that a lot of foreclosurexs on the Mainland were due to adjustinb interest rates. “Our cycle was later so we had more of them to work And foreclosures will put more downward pressureron prices, he said. UHERO has forecasf a drop in home pricee of 9 percent in 2009 and anothet 5 percentin 2010, predictions that are drivenn largely by the job picture.
Sinc e the forecast was released in early the outlook for job growth for the statehas “With the additional problems of the fiscal the outlook has worsened and the home price forecast will go down Bonham said, referring to the state’s projectecd budget shortfalls over the next two Despite that, Honolulu will likely keep its distinction as the most expensivew place to buy a house, sincer California’s priciest markets are unlikely to see any type of a he said.