The long talked about housing rescue bill has become law. The key features include:

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Well, a tiny piece of good news amongst the carnage. The national housing inventory has declined…a little.

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Standard and Poor's Case Shiller Index released it's data through May today and the news is not good:

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For an extended period of time Maui real estate seemed to avoid the slowdown in the national market, but now it has undeniably arrived. Island wide, and in South Maui, we are seeing increased inventory, extended days on market, the occasional short-sale and wary buyers.

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Because of inflation concerns, mortgage rates jumped almost 40 basis points this week.

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The NAR has reported that existing home sales fell in June on a seasonally adjusted basis.

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In the first six months of 2008, the Wailea-Makena real estate market like the larger Maui real estate market remained sluggish. 50 Wailea condominium resales were completed, which is down from the same period in 2007. Oceanfront complexes saw 19 sales while the average sales price per square foot declined 13% from the full year 2007 levels. There were 31 mauka complex sales where per square foot sales prices were flat. The change in sales mix which saw resales at Ho’olei made the mauka numbers as a group look stronger than they truly were. With over 180 units for sale in Wailea and Makena, days on market continues to lengthen and inventory must be called very high.  

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In testimony today in front of Congress, Fed Chairman Ben Bernanke said he sees threats to both economic growth and inflation.

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Many Canadians are considering buying real estate on Maui and, as such, have a series of questions we thought we'd address up from. In no particular order, here we go!

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As you may know, mortgage lender Indymac has been seized by banking regulators. This is the latest and most visible of the woes facing the mortgage market.

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