http://www.housingpredictor.com/ chose Honolulu as their pick for the hottest housing market in the country. All I can say is from their lips to God's ears.
While other parts of the country have suffered, Oahu (Honolulu County) has been a pretty stable market. Even though the resale volume is down from the hot market in 2004 & 2005, prices have remained stable.
Why do I think things have been generally better in Hawaii?
- People in Hawaii pay their mortgages. We constantly are among the lowest for foreclosures and delinquent mortgage payments.
- Our unemployment rates have been among the lowest in the nation for a few years now.
- We are on an island, the supply is limited.
- There are several large military bases and a fair amount of troop movements.
- The dollar exchange rate makes us look like a bargain to foreign investors, especially the Canadians.
- Some west coast markets, not only are slower, but the prices are higher. We look like a bargain to some of their folks.
- According to http://www.housingpredictor.com/ the J-REIT (Japanese real estate investment trust) will allow capital to purchase in Hawaii. Hawaii has been a favorite for Japanese investors and this change may provide a large influx of money from Japan.
- We are in Hawaii, who wouldn't want to live or invest here?
I think No. 8 says it all. Aloha From Sunny Hawaii!!
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I wish I could say the same for here but it's the opposite of what you said.