There were 3,985 Oahu properties in foreclosure in 2009, a 142 percent increase over the number of foreclosure filings in 2008, and a 672 percent increase over 2007. But Hawaii foreclosures ranked well below other metropolitan areas (128th out of 203). Las Vegas ranked number one.

I believe there is reason to be optimistic. There was a surge in home sales in December 2009, and Paul Brewbaker, principal of TZ Economics is calling January 2009 “the bottom of this cycle.”  People rushed to cash in on a federal $8,000 first-time homebuyers’ tax credit, and the November 30 deadline has been pushed back to April 30.

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