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HOUSING AND LABOR MARKET TRENDS: HAWAII
Community Development Research Federal Reserve Bank of San Francisco
June 2012
National Trends
Composition of distressed sales by geography
12% 13%
23%
12% 15% 9%
17% 10%
17%
6%
10% 15%
13%
14% 14%
21%
16%
12%
13%
11%
35% 26%
18%
24% 20% 18% 14%
17% 5%
16%
0%
20%
40%
60%
Short Sale
Move-In Ready REO
Damaged REO
Proportion of Distressed Property Transactions—April 2012
Perc
ent o
f To
tal T
rans
actio
ns
Source: Campbell/Inside Mortgage Finance HousingPulse Monthly Survey of Real Estate Market Conditions April 2012
Neighborhood stabilization: concerns over investor purchases of distressed properties
18%
36% 32%
52% 22%
43%
36%
34% 61%
21%
33%
14%
0%
25%
50%
75%
100%
Damaged REO
Move-In Ready REO
Short Sale Non-Distressed
Investor
First-Time Homebuyer
Current Homeowner
Perc
ent
of P
rope
rty T
ype
Who Is Buying Properties?─April 2012
Source: Campbell/Inside Mortgage Finance HousingPulse Monthly Survey of Real Estate Market Conditions April 2012
Financing for home purchases
31%
10%
78% 19%
53%
3%
19%
13%
4%
5%
7%
26% 17% 15%
0%
25%
50%
75%
100%
Current Homeowners First-Time Homebuyers Investors
All Other Financing
VA
Fannie/Freddie
FHA
Cash
Perc
ent
of B
uyer
-Sid
e Tr
ansa
ctio
ns
Financing for Homebuyers─April 2012
Source: Campbell/Inside Mortgage Finance HousingPulse Monthly Survey of Real Estate Market Conditions April 2012
Hawaii Trends
Unemployment rate in Hawaii falling in 2012
Source: Bureau of Labor Statistics, May 2012
0
2
4
6
8
10
12
2000 2002 2004 2006 2008 2010 2012
Recession
Une
mpl
oym
ent R
ate
(%)
United States
Hawaii
Hawaii’s housing market appears to be stabilizing
Source: Federal Housing Finance Agency (formerly OFHEO)
FHFA
Hou
se P
rice
Inde
x 20
00=
100
90
130
170
210
250
2000 2002 2004 2006 2008 2010 2012
FHFA (formerly OFHEO) House Price Index (2000=100, quarterly)
Hawaii
United States
Honolulu
Number of delinquent mortgages falling slightly but number of loans in foreclosure holding steady
Source: Mortgage Bankers Association, National Delinquency Survey
0
4,000
8,000
12,000
16,000
2005 2006 2007 2008 2009 2010 2011 2012
Num
ber o
f M
ortg
ages
Loans in Foreclosure All Mortgages Past Due
Hawaii’s consumer debt delinquency rate holding steady at 6.5%
0%
4%
8%
12%
2006 2007 2008 2009 2010 2011 2012
Consumer Debt Delinquency Rate
U.S.
Hawaii
Note: Delinquency status of 90+ days past due or worse. Excludes first mortgage. Source: FRBNY Consumer Credit Panel
Vacancy rate in Honolulu down to 2%, rents up to $1330
0%
2%
4%
$1,240
$1,280
$1,320
$1,360
2010 2011 2012
Vacancy Rate
Ask
ing
Rent
Asking Rent and Vacancy Rate in Honolulu Quarterly
Asking Rent Vacancy Rate
Source: Reis, Inc. Asking rent is calculated by first determining the average rent for each unit size, and then calculating a weighted average based on the number of units in each size category.
Maps
Hawaii Data Maps
Areas Affected by Concentrated Foreclosures April 2012
Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations
Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations
Hawaii Data Maps
Areas at Risk of Additional Foreclosures April 2012
Conclusions
For More Information: FRBSF Community Development Website
Links to other resources and research on foreclosure trends and mitigation strategies
All publications, presentations available on our website
Conference materials also posted shortly after events
http://www.frbsf.org/community/
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