What housing plunge?

What housing plunge? While many mainland real estate markets spent much of 2007 in free fall, prices in Hawaii proved quite capable of defying gravity. The number of transactions did drop, but most months saw median prices equaling or even exceeding 2006 levels. The only cloud on the horizon was an increase in rate resets for adjustable-rate mortgages, but any adverse effects of that seemed likely to slide into 2008.