WOW!

U.S. mortgage rates fell more than three-quarters of a percentage point today after the Federal Reserve said it will buy as much as $600 billion of debt.  The average U.S. rate for a 30-year fixed mortgage ended the day at about 5.5 percent after falling to as low as 5.25 percent, according to Bankrate Inc.

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Another dismal housing report. The Census Bureau reported October new home sales to be as follows:

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6681 Makena Road sits across the street from Big Beach. This brand new estate includes a 4200 square foot, 4 bedroom main house, a 700 square foot cottage and a storage building all on nearly an acre of land. The gated entry provides for security and privacy and the exceptional materials, eucalyptus floors, granite counters, Sub Zero quality appliances and on and on all create a wonderful Maui experience. Now priced at $4.79 million, this estate represents a fantastic value. Please contact us for a private showing.

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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