The NAR released their annual report on vacation homes and investment property sales today.

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This week the Maui County Council agreed on property tax rate cuts for certain types of Maui property. The rate cuts are as follows:

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Enough with the economics and housing data. Maui is one of the truly extraordinary places on earth. Here's a short film of two Mauians diving with an eighteen foot whaleshark!

The Commerce Department released the flash GDP report for the first quarter and it was a stinker. A 1.3% annual rate is the slowest in several years and was well below the 1.8% expected. Residential Construction fell 17% which subtracted 1% from GDP. Consumer spending remained very strong and business investment, while modest, remained positive. Both the stock and bond markets were flat on the news.

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An attempt to restructure the agriculturally zoned land across the state has failed to receive sufficient support in the State Senate for consideration. Had this bill passed, it would have thrown the future of ag zoned land into real disarray.

This amazing resource remains a Maui treasure. In the upcoming months the following events are being offered:

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March national existing home sales numbers came out today and they were poor.

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We are pleased to announce that Wailea Point 2801 has been put into escrow. This is a two-bedroom, 1588 square foot unit with Molikini views and was listed for $2.995 million. This is the first Wailea Point unit to go into escrow in 2007.

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Well, the flash GDP report for the first quarter comes out on Monday and we thought we'd outline some of Morgan Stanley's thinking on what it is likely to show. Here are some key thoughts:

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David Seiders chief economist for the National Association of Homebuilders has released his latest forecast. Here are his major findings:

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