The Honolulu real estate market is somewhat difficult to evaluate, due to a continued high rate in foreclosures and conflicting data from two different sources of real estate information. According to a May 20, 2010 article from the Honolulu Advertiser, “A national mortgage industry survey suggests that the number of Hawaii homes undergoing foreclosure rose in the first quarter compared with a year earlier. The Mortgage Bankers Association said in a report released yesterday that 7,889 home loans statewide were in foreclosure at the end of the quarter, representing 4.76 percent of loans.” The piece, composed by Andrew Gomes, continued to note that “That was up from 2.91 percent a year earlier and 4.5 percent at the end of last year. Compared with other states and the District of Columbia, Hawaii’s foreclosure level was eighth worst.”

Despite what seems to be an overall positive trend, the Honolulu real estate market was faced with two conflicting reports about home values from two different sources. According to a May 26, 2010 piece from the Honolulu Advertiser, “A federal report suggests that Oahu home values aren’t as positive as indicated by local sales data, though the market appears to be on a path of improvement. The Federal Housing Finance Agency yesterday reported that Oahu single-family home values in the first quarter were down 4.5 percent compared with the same quarter last year.” The article by Andrew Gomes went on to note that “The figure compares with a 4.4 percent rise in the median price for Oahu single-family homes sold in the first quarter as reported by the Honolulu Board of Realtors. It’s debatable which assessment is more accurate. Some observers consider the federal report a better measure of the housing market because of how it calculates values.”

Owners of Honolulu real estate have had considerable difficulty in making their mortgage payments, according to a recent Associated Press report. This May 13, 2010 article found that “While there are signs of economic recovery, homeowners in Hawaii continue to struggle to meet their mortgage payments. The real estate research firm RealtyTrac reports 1,474 properties in the state received foreclosure notices in April. That’s more than double the 684 recorded in the same month last year.”