Foreclosures on Maui are rising

Foreclosures on Maui are rising
Originally uploaded by luckycomehawaii

You Decide

The end of April 2010 Statistics for the county of Maui in the state of Hawaii

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According to Realty Trac dot com there is a total of 2164 pre and post foreclosure properties in the county of Maui.

 

• 421 REO Bank Owned 16 of them being high profile properties


• Pre Foreclosures 217 pieces 


• Auctions Pending 954 pieces


• That’s 1171 pieces that are to be auctioned off in the not so distant future


• A total of 1592 pieces that will be owned by the banks REO's

 

The MLS statistics look like this.

Across the board; Single family, condominium, land and commercial added all together.

 

• 2896 pieces of inventory for sale today


• REO: 63 pieces


• Short Sale: 235 pieces


• Straight Sale:1685

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• Pending Sales:554


• REO:71


• Short Sales:232


• Straight sales:167

 

So we can average that about 10% of the short sales go all the way through and get accepted by the lien holders and close.

MLS Inventory Short Sale not pending still active 235 pieces with the ability to close 10%, 24 pieces that leaves 211 pieces going to the foreclosure auction. In Pending were talking 232 pieces. That leaves 209 pieces going to the Auction of foreclosure. Leaving a total of 420 pieces going to Foreclosure!! 

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So we have been talking about the known factors, the facts we have presented in front of us. What about the invisible factors? The people not talking to us! The folks under the wires? The people who I know that have lived mortgage free for over 12 months and their unit has NOT showed up in the statistics. What about the loan modifications? The grey inventory, the shadow inventory!? Where is it today? What will these add up to?

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These facts show us that there is a probability 420 pieces in the MLS that will foreclose by auction. There are 421 bank owned pieces according to realty trac dot com. In the MLS we can account for 134 REOs We are missing 287 REO’s that banks have title to. We know there are 1171 to be taken back through foreclosure Total them up: 2299

That’s 2299 pieces of forth coming inventory. That is equal to 80% of our current MLS listing inventory.

Will the inventory grow? Will the foreclosures be absorbed from buyers? Is it the right time to buy? Are you going to get a good deal? Is supply higher then demand? Are interest rates low enough? Can you qualify for a loan? Do you have cash? 

You Decide!