Saturday, June 05, 2010
Hawaii economy far, far from recovery as shown by ongoing foreclosure stats
by Larry Geller
Hawaii is fifth from the top in a list of 15 states where foreclosures are still surging. according to this article:
Hawaii -- 34% up since March (Businessinsider.com)
One in 348 homes received foreclosure filings in April. It's much worse in Maui where one in 187 homeowners got the note….
We noted even in 2008 that foreclosures will continue unabated, even accelerate, if there is no collective action to stop them. Foreclosures suit the banks very well, generally speaking, and who cares about ordinary people anyway.
Remember, our government bailed out the bankers, not us.
As to coverage of the issue in the daily press, red ink in the form of foreclosure notices fatten up the only classifieds still going strong, the legal notices. Have a look. It’s a sad display, how many there are each day.
Should the job market revive in Hawaii it will be primarily the lowest-wage jobs, since we are dependent on tourism. For the middle class, there is no relief in sight. This means more foreclosures.