Activity on Maui continues to be very slow. The Maui real estate market is a function of tourism and tourism remains down dramatically from a year ago. List price reductions are no coming daily and it remains a buyers market. We are now seeing a little more foreclosure activity but it is still not driving values in this market. For details, contact us!

Kai Malu unit 38-B, currently rented and in excellent condition has reduced its asking price to $1,185,888. This three bedroom unit is new, offers three bedrooms and access to Kai Malu's wonderful amenities. 24-B, with  downstairs mast and a wonderful ocean view has been reduced to $1.285,888. Both of these units nor represent great values.

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JP Morgan has announced that they will modify the terms on $70 billion of mortgages.

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Over the past several days there have been several major events on which to report.

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Standard and Poor's has released their  Case-Shiller Home Price Indices for August.

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Dataquick has announced that sales in Southern California jumped dramatically in September:

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37 Hoolalei in the Keala Hills subdivision is conveniently located to shopping and beaches. This immaculate three-bedroom, three-bath home features a great room with vaulted ceiling, an enormous master suite, views of Haleakala, a fenced yard, a quiet private neighborhood and an attached 500 square foot ohana for guests or income. Offered at $799,000, this home represents an unusual value. The property is being staged and will be available for showings in the next few days.

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The Federal Government will buy approximately $125 billion of preferred stock in nine large banks in the first step of injecting $250 billion in banks across the country. Here are the key components of the plan:

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If there is one key tool that will tell us when the credit crunch and problems in the financial markets are easing? It is the TED Spread. That is the gap between three-month US Treasuries (the risk free rate) and three month Libor (the rate at which banks lend to one another). Historically that rate has been a fraction of one percent. It spiked in September 2008 to over 2% and has increased since last month to well over 4%. A chart can be seen here. When this ratio declines it will be good news and when it it under 1% this crisis is likely nearing its end.

Another eventful weekend. The Morgan Stanley Mitsubishi transaction is being renegotiated but is likely to be completed. Were that to not happen, it would really rattle the markets. Germany has announced a $400 billion bailout of its banks. European leaders are considering guaranteeing all interbank lending.  Clearly there is now worldwide political will to infuse capital into banks in return for a taxpayer ownership stake.    This is  MUCH better idea in our view than buying troubled mortgage assets directly.     

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