We just returned home to Lahaina from the Pacific Rim Real Estate Conference on the Big Island, Hawaii. It's been a wild ride in the real estate market, but not as wild as the ride on Wall Street just last week.
The speakers including Paul Brewbaker the Chief Economist at Bank of Hawaii, Stefan Swanepoel, publisher of the annual top 10 trends in real estate, gave their insights and predictions. The list covered, is it a good time to buy real estate, will there be any money to lend, when will it turn around, who's going to make it turn and how.
We also received a series of new HAR forms to deal with legislation passed in June, the Mortgage Rescue Fraud Prevention Act 137. The legislation affects all types of distressed properties including short sales which are becoming prevalent on Maui. The objective of the Act was to protect property owners from predators. The result is a confusing set of rules that change the very core of what realtors can do for owners of distressed properties.
I'll give you more details on the forecasts and the rules. Right now I'm off to join fellow Realtors and friends who are donating time and money to help paint the dorms at Lahainaluna High School.
Aloha
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