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.”

Several of the most popular and highly coveted Hawaii real estate listings are located in the very prestigious and quite elite Kahala area of east Honolulu.  At the center of Kahala’s social life is the Kahala Mall, an enclosed shopping mall that serves as a gathering place as well as a gateway to east Oahu.  In addition to a number of independently-owned shops and local merchants, a number of nationally and internationally recognized establishments have retail stores at the mall, including Whole Foods Market, Apple Store, Macy’s, Barnes & Noble, Starbucks, Jamba Juice, Radio Shack, Chili’s and California Pizza Kitchen.  Consolidated Theatres, the state’s largest movie theater chain, also operates an eight-screen complex at the mall.  The mall is known for its sizeable indoor water fountain and an abundance of indoor seating popular with senior citizens in the mornings and young adults in the evenings.  The mall is typically quite busy for the entire day from sun up to sun down.  While the mall itself technically closes at a certain time every night, the entire mall remains unlocked and open beyond the posted hours in order to accommodate the late night movie crowd as well as the several restaurants that stay open quite late.