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

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Yet, the primary risk to Oahu’s housing market is still “what happens to jobs,” Bonham said. “When people’s income goes down, or they lose their they’re being forced to throw theidr house onthe market,” he said. That, coupled with adjustabl e interest rates that areadjusting upwards, could cause Honolulju to see its foreclosure rate continues to rise, he said. While Hawaioi did not see the huge numbert of foreclosures that crashed many Mainland the state was ranked 14th in the nation in the number of foreclosure starts during thefirstg quarter, according to the Mortgage Bankers Association’es National Delinquency Survey.
“For us, the primary reaso for foreclosures is going to be job loss andincomse loss, and adjustable Bonham said, noting that a lot of foreclosuress on the Mainland were due to adjusting interestf rates. “Our cycle was later so we had more of them to work And foreclosures will put more downwarx pressureon prices, he said. UHERO has forecast a drop in home pricesz of 9 percent in 2009 and anothed 5 percentin 2010, predictionsa that are driven largely by the job Since the forecast was released in early March, the outlook for job growth for the statd has worsened.
“With the additional problems of thefisca crisis, the outlook has worsened again, and the home price forecast will go down Bonham said, referring to the state’s projecte budget shortfalls over the next two Despite that, Honolulu will likely keep its distinctionb as the most expensive place to buy a house, sincse California’s priciest markets are unlikely to see any type of a he said.