For the month of May, Maui visitors by air were up 3.3% over 2006 and are up 1.7% year to date. Domestic visitors increased 5.1% for the month and 2.5% YTD. International visitors declined 11.1% for the month and 4.1% YTD. Japanese visitors declined almost 50% for the month and 18% YTD. Canadian visitors increased almost 50% for the month and 17% for the year. Per person spending per day increased 2.9% for the month and 1.9% YTD.

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The Federal Reserve today decided not to change the Federal Funds rate, leaving it at 5.25%:

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The sale of the Makena Resort closed yesterday.

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Merrill Lynch released their 2007 Wealth Report today. Here are some key findings:

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The National Association of Realtors' monthly report on existing home sales came out today and may was another ugly month.

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In today's Honolulu Advertiser, Andrew Gomes discusses in detail the rise of fractional ownership in Hawaii.

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This week a series of events have transpired that may have significant rippling impacts on the housing market. Wall Street giant Bear Stearns has had two investment funds it manages nearly collapse. These funds invested primarily in sub-prime loans and were heavily leveraged to boot. After being pressured by lenders to the funds including Merrill Lynch, Lehman Brothers and Deutsche Bank, Bear has agreed to lend as much as $3.2 billion to the funds to salvage them and comfort investors.

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Well we have had our annual late may early June tourism lull and get ready, because the roads are going to start getting busier, restaurants more crowded and beaches less private. That's the bad news. The good news? Some of these folks are seeking to buy a piece of Maui for their future!

A new study by economic research firm Global Insight has found that the median home price in Oahu is overvalued by 45% and is in the "extreme" category:

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In today's Wall Street Journal

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