Housing Bubble in Puna?

[Jared I]

I was just looking at the historical data on land sales in Puna. Does anyone sense a housing bubble in Puna? An avg land price of 7k in 2002 to 40k in 2005, it is a big jump historically. What happened in to the eastside of the BI during the Japanese Bust in the 90s? Does anyone remember the effect of the SoCal economy had on the BI home prices between 1992 and 1997 (California residents selling homes at cut rate prices)? Does anyone have an idea of how many homes are rentals, investment properties, unoccupied and for sale currently in Puna? Would anyone have a guess on mortgage financing (percentage of ARMs, IOs and cashout refinancing) since 2004?

I know these questions are a lot to ask? I am just trying to research everything before I buy.

Thanks

Jared