Property is being sold subject to 24 CFR

Property is being sold subject to 24 CFR 206.125. A new type of REO.

There is a new type of REO (Lender Owned ) property starting to hit the market. You may have seen this statement in the remarks section when looking for homes on the Internet. “This property is being sold subject to 24 CFR 206.125”. This identifies the property as an REO that is being marketed after it had a Reverse Mortgage on it. Reverse mortgages are sometimes know as Home Equity Conversion Mortgages (HECM) . In many cases these were probably reverse mortgages taken out during the boom by someone over 62 and in many cases, not all, they are in better condition than some other REOs because they were transferred back to the lender due the death of the owner rather than as a result of a financial or fraudulent situation. They are becoming available because of the drop in in the value of homes since the peak of the market when some lenders were aggressively marketing reverser mortgages. The expectation at that time was that values would continue to increase.

Gluten Free? Yes Please! “The Counter”

Gluten Free? Yes Please! “The Counter” in Honolulu on Waialae Ave, came out with a Gluten free menu, burger, beer and shakes. I must go check it out. http://ow.ly/iLvDe

Did you know that interest rates were 4x

Did you know that interest rates were 4x higher in 1982 then they are today?! http://ow.ly/i/Nc6j

Oahu Independence Day Firework Shows and Events

Due to the partial band and tight restrictions on personal fireworks you don’t want to miss out on the local firework shows. There is one Today July 3rd at the Aloha Tower market place. Followed by Turtle Bay, Ala Moana Beach Park, Maunalua Bay, Pearl Harbor/Hickam and Schoofield on the 4th of July!

Click on the link below to view show times and other events.

What’s May Median Sales Prices for Oahu?

Median Sales Prices

May 2012

Single Family Home

$ 664,000 

Condominium

$ 300,000 

Residential Resale Statistics

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Housing Crisis to End in 2012 as Banks L

Housing Crisis to End in 2012 as Banks Loosen Credit Standards.
I dont know if its something in the air this yr but 2012 has been a great market here on Oahu. I have so many buyers and not enough homes! One reason could be the stigma about a “bad housing market” has lifted since banks have loosened up on there lending, such as credit requirements and Loan-to-value ratio. http://ow.ly/9LOen

Brown Water Advisory for Oahu

Rain has been coming down heavily for four+ days now, resulting in a lot of flooding and some sewage overflows. Over 51,000 gallons in Kaneohe to be specific. The overflow and excess debris from the island are running through our waters so its been advised to not go in the water. To read more go to http://kaneohe.hawaiinewsnow.com/news/news/86329-rain-causes-sewage-spill-kaneohe-bay.