The foreclosure rate for local homeowners has been skyrocketing over the past year with no apparent end in sight. Relative to other states, Hawaii's numbers rank us about 19th in home foreclosures. But as more banks take back properties and as those banks look to unload the properties in a down market, the reality facing us is a continuing decline in values of single family homes as well as other dwelling units.
With many states teetering on the brink of economic disaster or default, the coming months will be key- in Hawaii and elsewhere- to try and stem this cascade of bad economic news. Only when consumers and businesses feel some sense of stability and have more confidence in the system as it pertains to their well-being can things begin to turn around for everyone's financial picture. It is expected that the current onslaught of foreclosure filings here will continue in astounding numbers, perhaps topping the drastic downturns that occurred at least once in each of the last three decades in Hawaii.