For those of you who missed the Friday’s Hawaii Real Estate Forecast 2009 at the Hilton Hawaiian Village, here’s a short recap of the event from the Star Bulletin.
Substantial drops in real estate prices are projected this year as all segments of the industry continue to deteriorate, say panelists at a 2009 real estate forecast forum yesterday.
Hawaii home prices are expected to fall as much as 15 percent this year in some neighborhoods, while sales are projected to fall another 25 percent, said Bill Chee, chief executive of Prudential Locations LLC.
Fear of the ailing economy and declining consumer confidence continue to be huge hurdles for the real estate industry, which is struggling to make deals happen with the virtual dry-up of financing and large institutional investments in the islands.
http://www.starbulletin.com/business/20090117_Home_sales_expected_to_drop_25.html
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