A recent report indicates that home prices nationwide continue to rise. Core Logic Home Trends
As locals to Hawaii know, homes in the 50th state are in short supply with sellers typically receiving several full priced offers for a property. There is limited availability and high demand for houses under $500,000.
Some local real estate experts attribute the lack of inventory to the 2011 foreclosure law that forced many houses through time-consuming judicial foreclosures. However, even though the time-line for some foreclosures has been extended, many lenders do not seem eager to foreclose and have left scores of delinquent homeowner in their houses without making mortgage payments.
The strange result of lower inventory and lack of follow-through with foreclosures is that prices are rising rapidly, pricing many potential homeowners out of the market while others are living rent free.
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