One Heck of a Year! (Part 1)

Was 2024 a good year?  I think I can speak for the majority of those in real estate and mortgage financing that 2024 was a year we would not like to see repeated.  As for 2025, I’ll share with you the forecast for interest rates and home appreciation in the next couple of weeks.

 

This week I’d like to recap some of the major stories I covered in this weekly newsletter for the first 6 months of 2024.  Next week, we’ll review the second half of 2024.  There’s plenty of stories that amazingly are still relevant today.  You’ll read the first reporting of the condo insurance crisis, updates on the Maui fore, plus our government’s attempt to blame others for their failures.

 

There was a week here and there that I didn’t publish, but I was able to share a newsletter with you for 45 of the 52 weeks in 2024!  Each newsletter is available for review on our website https://www.hawaiimortgage.net/newsletter/.  They are in chronological order, the most recent newsletter first.

 

Enjoy our review below for news we lived through for the first half of 2024.

 

 

 

I have also hyperlinked the specific newsletter in the review below.  Just clink on the date for that newsletter, and it will take you to it directly.

 

 

January 2024:

 

In the 1/13/2024 Newsletter, I first reported on the makings of one of the biggest stories of the year for condo real estate – condo projects not carrying sufficient hurricane coverage.

 

In the 1/20/2024 Newsletter, I continued to expand on the condo insurance issue, along with a list of buildings that were short coverage as of January 2024.

 

For the 1/27/2024 Newsletter, I reviewed a series of bills in the legislature that certainly didn’t “Spread Aloha” – targeting foreign investors and non-owner-occupants.

 

 

February 2024:

 

In both the 2/3/2024 Newsletter,  2/10/2024 Newsletter, and 2/24/2024 Newsletter, I provided updated information on the condo insurance crisis.

 

For the 2/17/2024 Newsletter, learn why NOW is never the wrong time to buy.

 

 

March 2024:

 

The 3/2/2024 Newsletter discussed how owning certain breeds of dogs and the age and material of your roof could impact your ability to get homeowners insurance.

 

In the 3/9/2024 Newsletter, I discuss condo maintenance fees and the Reserve Analysis.

 

The 3/16/2024 Newsletter is a great issue to review every year.  I detail how to get financially organized and keep your information safe in today’s digital world.

 

A great article appeared in the 3/23/2024 Newsletter about how pictures can be false or manipulated on real estate websites, and how to best protect yourself.

 

The 3/30/2024 Newsletter featured a very sad story on how many of the fire victims on Maui will face foreclosure.

 

 

April 2024:

 

In the 4/6/2024 Newsletter, we started with Part 1 of “Is One Lender Better than Another?”

 

The remainder of the month we were upgrading our email server.

 

 

May 2024:

 

For the 5/4/2024 Newsletter, we concluded with Part 2 of “Is One Lender Better than Another?”

 

The 5/11/2024 Newsletter I wrote a scathing editorial on how the failures of our government resulted in our political leaders blaming Short Term Vacation Rental owners.

 

 

June 2024:

 

In the 6/8/2024 Newsletter, I make the case that the Federal Government is manipulating the official employment statistics.

 

The condo insurance issue hit me personally, and I write about my saga in the 6/15/2024 Newsletter.

 

The highlight of the 6/22/2024 Newsletter explains why Short Term Vacation Rentals are vital to our local economy.

 

We concluded the first half of the year in the 6/29/2024 Newsletter, reporting the decision by the judge in the Big Island case where the contractor built a house on the wrong lot.

 

 

 

Next week, we’ll review the second half of 2024.  Have a joyous and safe New Years celebration!

 

 

 

 

And now the week’s economic news…….

 

Mainland New Home Sales

Signed contracts on new homes rebounded in November, up 5.9% from October when storms in the South hindered builders and buyers.  Contract signings were also up 8.7% YoY.

 

 

 

 

 

 

Next Week

Next week is all about housing data.  Pending Home Sales data will be released on Monday.  The Case Shiller Home Price Index comes out Tuesday.  Markets will close early on Tuesday for New Years Eve and obviously closed on Wednesday to ring in 2025.  Thursday we’ll get Initial Jobless Claims and mortgage application data for December.  Friday we’ll get the ISM Manufacturing Data.

 

 

 

Until next week…….