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  • Kaneohe real estate market

    June 8, 2010 // No Comments »

    Byodo-In Temple, Kaneohe, HI
    Image via Wikipedia

    The Kaneohe real estate market, a sector of the Oahu housing market, seemed to be trending towards a continued recovery despite uncertainty about a few indicators. According to a May 13, 2010 article in the Honolulu Star Bulletin, although the state of Hawaii overall faced a higher foreclosure rate, the island of Oahu did much better in comparison. This piece noted that “Oahu remained well below the national rate of foreclosures in April, but the Big Island and Maui markets took large hits.” The article, written by Gene Park, went on to say that “Oahu fared the best, with one in every 580 homes…Nationwide the number of homes facing foreclosure fell 2.4 percent from a year ago in April. James Saccacio, chief executive officer of RealtyTrac, said the April national numbers indicate a plateau in foreclosures, but ‘at a very high level that will not drop off in the near future.’”

    The average purchase price of a Kaneohe or Oahu home for sale increased in the most recent tracking period, according to a June 3, 2010 article from the Pacific Business News. This piece noted that “Oahu home prices are up 5.1 on average over the past year, according to a report released Thursday by a provider of real estate valuation and risk assessment for financial services companies.” The article went on to say that “Comparing the three months end[ing] May 31 with the same period last year, California-based Clear Capital ranked Oahu as the seventh-highest performing major market nationally, with a 2.2 percent price increase, behind Dallas, Pittsburgh, San Diego, San Francisco, Houston and Minneapolis. The number of bank-owned properties on Oahu – 7.5 percent of the total – remains modest.”

    Uncertainty over where exactly home prices stand in the Oahu and Kaneohe real estate market has proven to be controversial, according to a May 26, 2010 article in the Honolulu Advertiser. This piece by Andrew Gomes noted that “The Federal Housing Finance Agency yesterday reported that Oahu single-family home values in the first quarter were down 4.5 percent compared with the same quarter last year. The figures compares with a 4.4 percent rise in the median price for Oahu single-family homes sold in the first quarter as reported by the Honolulu Board of Realtors. It’s debatable which assessment is more accurate.”

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    Posted in Hawaii Finance