Oahu home prices back on top - Pacific Business News (Honolulu):

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Yet, the primary risk to Oahu’s housing market is stilol “what happens to jobs,” Bonham “When people’s income goes down, or they lose their they’re being forced to throw their house onthe market,” he That, coupled with adjustable interest ratez that are adjusting upwards, could causw Honolulu to see its foreclosure rate continue to he said. While Hawaii did not see the huge numbere of foreclosures that crashed manyMainland markets, the state was ranked 14th in the nationb in the number of foreclosurer starts during the first quarter, according to the Mortgages Bankers Association’s National Delinquency “For us, the primargy reason for foreclosures is going to be job loss and incomw loss, and adjustable rates,” Bonham said, notin that a lot of foreclosures on the Mainlandx were due to adjusting interest rates.
“Our cyclse was later so we had more of them to work And foreclosures will put more downward pressureon prices, he UHERO has forecast a drop in home prices of 9 percent in 2009 and another 5 percent in predictions that are driven largely by the job Since the forecast was released in earlgy March, the outlook for job growth for the statde has worsened. “With the additional problems of thefiscap crisis, the outlook has worsenes again, and the home price forecast will go down Bonham said, referring to the state’s projected budgett shortfalls over the next two Despite that, Honolulu will likely keep its distinction as the most expensivew place to buy a since California’s priciest markets are unlikely to see any type of a he said.