Los Angeles, CA --- March 28, 2011 --- Foreclosed houses in Honolulu County, Hawaii are significantly discounted. Listings of foreclosed homes are now running at 63% of the area's market median home price, according to a new study by RealtyStore.com. This study is one of a series of RealtyStore reviews conducted nationwide. The Honolulu study also revealed an even split between stand alone, single family foreclosed houses and foreclosed condominium/townhouses for sale.
"Honolulu foreclosures offer some great options for both locals and part-time residents," noted Tim Chin, RealtyStore CEO. "Single family foreclosed homes in Honolulu County will certainly appeal to local residents seeking more affordable, permanent housing. The relatively large number of foreclosued condominiums in Honolulu, on the other hand, offer very attractive opportunities for visitors looking for vacation or lease-out property."
Honolulu County foreclosures reflect the same type of pricing behavior as seen in mainland U.S. markets. The median price of a Honolulu foreclosure is $291,050, which is 37% or $169,000 less than the market median home price of $460,000. Looking closer at pricing by REO foreclosure seller, both bank foreclosures and government foreclosures (including Honolulu's Fannie Mae foreclosure inventory), are priced competitively. Bank foreclosures in Honolulu post a median price of $292,000 while Fannie Mae foreclosure median price currently runs at $288,600.
Foreclosure pricing by home type shows the median price for a foreclosed single family home in Honolulu is $410,900. Honolulu foreclosed condominiums and townhomes run a median list price of $236,000.
Bank foreclosures dominate the REO foreclosure ownership in Honolulu, representing 83% of the REO foreclosures recorded in the county. And, consistent with other mainland housing markets, the foreclosure listing rate in Honolulu is running at less than half of the total REO portfolio in the county. In Honolulu County, just 41% of all REO foreclosures held by institutional owners are currently listed for sale. The remaining shadow inventory of dormant foreclosure listings is expected to be eventually brought to market over time.