Gary's Blog

Wednesday, May 19, 2010

Very Few Foreclosures and Short Sales in Wailea or Makena

Stocks didn't hurt for long over the Europe debt fears. The market just won't go down. That can only mean one thing, it is going up.

Foreclosures are down 2% in April from the same month in 2009. Still, the numbers are high. About 12% of all households with a mortgage had missed at least one payment in March. Thankfully, many Wailea and Makena real estate owners don't have mortgages, so the ratio is incredibly low here. As a matter of fact, there is only one bank-owned property in the entire area. And just five short sales listed on the mls fall in the Makena/Wailea district. All lower-end condos, except one house in Makena, under construction, not yet completed. That one will be a true bargain for the right person.

Retail sales rose 0.4% in April, stronger factory output is also helping our national economy. Retail sales rose in the first three months of this year at the fastest pace in three years, according to the Commerce Department. Industrial production posted a 0.8% gain in April. Total business sales gained 2.3%- the sixth straight increase and the best showing in four months.

GM announced that it had a great quarter. Revenue is up 40% over the first quarter of last year, and its net income rose to $865 million in the quarter, quite a nice reversal from the $6 billion loss in the same period one year prior. If people are buying cars, their probably buying airline tickets to Maui too!

Home construction rebounded last month, to the highest level in 18 months. I would find it hard to believe that the tax incentives have anything to do with building today, considering those incentives ended as of April 30.

In all, we are seeing some great signs here in South Maui. This is supposed to be our slow season. Tell that to the buyers. Properly priced properties are flying off the shelves here in Kihei, Wailea, and Makena.

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