The Office of Federal Housing Oversight’s third quarter report is out. Home prices appreciated at the slowest price in almost a decade in the third quarter, an annualized rate of only 3.45%.

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Third quarter GDP, the broadest gauge of economic activity, was revised upward to 2.2% today from the initial estimate of 1.6%. That is unambiguously good news for the US economy.  New Home sales in October fell but prices jumped in comparison to September. That may well indicate that the record drop in prices in September was an anomaly. Fed Chairman Bernanke spoke encouragingly about the next several quarters though the tight labor market is of concern.

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Of course, we here on Maui cherish our humpback whales and look forward to their annual migration. They are majestic creature and display behaviors that even naturalists struggle to explain. Could this be part of the reason?

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From the Maui News

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It has been a busy week in the Wailea area homes market. The first eleven units at Kai Malu have closed at their pre-contruction prices. An oceanfront estate in Makena has gone into escrow a few days after being listed for $20 million as have 4290 Melianani in Wailea Highlands, listed for $7.1 million, and Lot 4 at One Palauea Bay listed for $4.65 million. Among the new listings are 155 Heleuma Place in Kialoa for $2.295 million and 147 Manalo in Wailea Gof Vistas for $3.3 million.

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Over the past week in Maui the activity level has really accelerated. An oceanfront estate in Makena listed for $20 million has gone into escrow after less than two weeks on the market, as have a $7 million dollar listing in Wailea Highlands, and a $4.95 million condominium in Wailea Point. Kai Malu units have had their initial eleven closings this week. Thirteen Kihei and Wailea properties have gone into escrow in the past seven days. We are also seeing the beginnings of current owners of Maui properties  listing properties for sale in the present selling season.

Tom, Sean and Dan would like to thank you all for your business this past year and to wish you and yours the Happiest of Thanksgivings. We’ll be back when we have recovered from our excessive turkey consumption.

According to a Wall Street Journal survey of forty nine economists, the worst of the housing downturn is over. The article is here.

One Wailea and Makena home has gone into escrow this week. 135 Waaula Street in Wailea Kai had been listed for $1.195 million. Inventory has risen slightly to 34 homes now for sale. New listings include 7640 Makena Road, a lovely oceanfront home  listed for $6.495 million, 220 East Ikea Kai in Kialoa is listed for $1.895 million and 364 Kualono in Pualani, a very large home, is listed for $2.645 million.

Despite the cries from some of a real estate bust, the lending community continues to pursue real estate  opportunities aggressively. Fifty year mortgages, jumbo loans at low interest rates and modest down payments are still widely available here on Maui. Interest rates currently are very low and lower than last week. For more information, click here.