Gary's Blog

Saturday, December 5, 2009

Good News Abounds!

Existing Housing Sales Way Up! November saw existing single-family homes and condos rise sharply compared with November 2008. The Honolulu Board of Realtors reported the 46.5% increase in sfr sales, and a 102.5% explosion in condos. Median sales prices remained flat. Economist Paul Brewbaker projects sometime between 2012 and 2014 the local housing market will meet the last price peak. Maui real estate buyers- now is the time!

The most recent assessment by the Federal Reserve marked its most upbeat view since the recession began two years ago. Retail sales and factory orders and production are both up. Still, the Fed is expected to keep the key lending rate down to near zero through the en of the year and well into next year.

The United Nations forecast that the world economy will bounce back in 2010, with a global growth rate of 2.4%.

Layoffs in November were almost non-existent! Only 11,000 job losses last month, compared to 111,000 in October, and over 500,000 per month at the peak of the recession. Unemployment rate nationwide went down also, to 10%.

And to further help Maui's economy, check this out! Continental Airlines just announce four flights direct to and from Orange County, starting March 7. That is in addition to its daily flights to and from LAX.

Maui real estate is the place to be this winter. Don't expect the same values in six months!

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