According to the current issue of Pacific Business News, Hawaii foreclosures have jumped in 2009 and are expected to continue to increase. They report that the number of foreclosures for the first half of 2009 is up 300% from 2008 and is expected to continue to increase as banks get more aggressive in clearing out delinquent properties. Maui is reported to lead the state in foreclosure rates with 1 per 81 housing units. Kauai is not far behind with 1 in 98.
Clearly the foreclosure monkey has reached Hawaii with many owners in distress. For those that have not been caught up in financial distress, now is a great time to buy that dream home in Hawaii.
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