HI: How Will New Foreclosure Law Affect Real Estate Market?

This is my 32nd year in Hawaii Real Estate and each year is very different. We certainly have a dynamic business. Waking up unemployed every day does have its benefits though, you learn to adjust very quickly, or you don’t eat. I like to eat as those of you who know me can tell.

On May 6th, 2011 Act 48 became law in Hawaii. I first blogged about Act 48 here, Act 48 – Hawaii Real Estate Values to Decline. In my earlier blog, I predicted that the courts would clog up with judicial foreclosures. That prediction is starting to happen a lot faster than I thought.

Fannie Mae announced June 10, 2011 that they will now only be doing judicial foreclosures in Hawaii. Read the Fannie Mae announcement here. Today, I attended a free educational seminar for real estate brokers on Maui presented by Title Guaranty Escrow that provided additional insight into the new law.

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