There are now 20 brand new homes for sale in HPP.

[kalianna]

BlackAkita, go slowly. Having moved here without knowing where the lava zones are and having a spouse whoʻs afraid of catchment water (which most people donʻt drink) are a couple of red flags that you hadnʻt really researched your new environs before moving here. Perhaps renting for awhile to get to know the lay of the land might be a good idea.

[Punatang]

BlackAkita, go slowly.  Having moved here without knowing where the lava zones are and having a spouse whoʻs afraid of catchment water (which most people donʻt drink)  are a couple of red flags.  Perhaps renting for awhile might be a good idea.

Unless you have choke Roosters. Then just go for it.  HPP is your spot.

[punikahakaiferret]

Sound advice, Kalianna!

Too easy to think the grass is always greener (over the septic tank, as Erma Bombeck once said...)

You, too, Punatang, lol! :-D

[Punatang]

There has not been enough about HPP on Punaweb lately so it seemed like a good moment to update the new house count.  Admittedly, I have not been paying attention so I don't know if fewer units are coming online or more people are entering the market or if 20 something new homes on the market  at all times is just the new normal.  

Anyone have any theories? Spotted any trends? 

https://www.realtor.com/realestateandhom...hide/sby-7

[punikahakaiferret]

All I know is every time I happen to drive thru HPP I see yet another "little box, all made out of ticky-tacky and they all look just the same" being built or finished, sitting on a stripped bare red-cindered plot. Don't know the exact number.

Anyone know how many available lots there are in total in HPP that we're going to keep seeing the same generic boring houses popping up?

[leilanidude]

A couple friends of mine own a framing company and they have been doing new homes in HPP and Ainaloa non-stop for a couple years now. About every 20 days or less they are onto a new one.

[Obie]

Yeah I have a friend who is a plumbing contractor, he is booked up solid.

In the meantime that weird looking cube on Beach is now off the market and has grown up in weeds. According to the tax records the developer is from Seattle. They may have to move it to Seattle to sell it because it won't work here.

[Punatang]

If the new administration pulls the plug on the FHA delinquent house payment scheme that just came to light, the sky might just fall on HPP home values after all.  I had no idea this was going on.

https://archive.ph/9mZzC

Why do housing prices keep climbing despite higher interest rates? The federal government has allowed borrowers to take out bigger mortgages than they can afford. To prevent foreclosures, it’s bailing them out when they miss payments. Behold another subprime housing bubble.

"No surprise, many are missing payments, especially recent borrowers. About 7.05% of FHA mortgages issued last year went seriously delinquent—90 or more days past when a payment is due—within 12 months. That’s more than at the 2008 peak of the subprime bubble

The FHA loan portfolio is far riskier than it was before the 2008 housing crisis. The American Enterprise Institute’s Ed Pinto and Tobias Peter estimate that 79% of FHA first-time borrowers have a month or less in financial reserves—not enough to make mortgage payments if their household expenses rise, as most have owing to inflation."

[HereOnThePrimalEdge]

scheme that just came to light

The AEI is conservative, and doesn’t like government programs in general.
The nice young lady writing a WSJ opinion column must have been a teenager in 2008. Obama came into office trying to prevent the housing market from collapsing any more than it already had when the autumn 2008 economic disaster was handed to him. It was impossible to get a bank loan for several years to buy a house. I tried. With an almost perfect FICO score and steady income. If he loosened the lending requirements it was from impossible to slightly possible.

HPP housing market? Tarot cards are probably more accurate than the two sources above.

[Punatang]

Thanks for your input Edge.  I was more focused on the more recent changes to the FHA program and less focused on Obama.  He did inherit one heck of a mess for sure.

This is the part I found concerning with regard to HPP home values because a good number of them are FHA loans. I would be relieved if you have some evidence to the contrary:

Under the guise of Covid relief, the Biden administration masked the growing troubles in the housing market by paying off borrowers and mortgage servicers to prevent foreclosures. Of the 52,531 FHA loans last year that went seriously delinquent within their first year, only nine resulted in foreclosure.
The FHA instituted a program that pays mortgage servicers to make borrowers’ missed payments for them. Missed payments are added to the loan’s principal, but without interest. The FHA also pays servicers to cut monthly payments for delinquent borrowers by 25% for three years, with the payment reductions also added to the principal without interest.
Consider a borrower who misses five $4,000 monthly mortgage payments. The servicer will add the $20,000 in missed payments to the mortgage and reduce monthly payments by $1,000 for three years—adding another $36,000 to their mortgage. So the borrower is $56,000 deeper in debt, though with no additional interest. If he misses payments again, the servicer rinses and repeats, getting paid $1,750 every time it lathers up. The FHA also lets servicers charge borrowers legal fees—typically several thousand dollars—that are added to the mortgage principal.
The FHA made 556,841 “incentive payments” to servicers over the past year to prevent foreclosures—nearly as many as the new mortgages it insured. Government-backed mortgage relief has become a cash cow for servicers, some of which originated the risky loans they are paid not to foreclose. Moral hazard, anyone?
One result is that many FHA borrowers owe more than their original mortgage and more than their homes are worth. They are essentially trapped in their homes even if they want to sell and move.

ETA: It is remarkable that M2 deleted another hyper-partisan post, which ironically addressed omissions and lies.  In the now deleted post, M2 called the Wall Street Journal writer "the nice young lady" just like you Edge. It's almost like you two are of one mind. Uncanny.