B4 • Friday, July 2, 2021
THE GARDEN ISLAND
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Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
Featured Home
Kapa‘a
6884 Leimomi St. A custom-built, two-story home on a ½ acre including detached, two-car garage and guest home. Main home has three bedrooms, 2.5 baths, with cathedral ceilings, hardwood floors, granite counters, wraparound covered deck, designer bathrooms, double pane and dormer bay windows. One-bedroom, one-bath guest home on top of garage. Back of property framed by a solid lava rock wall, fenced yard with mature fruit trees. MLS #651460; $1,295,000 Call Julie Black, RB, (808) 6526174, or Kela Caspillo, RB, (808) 652-6173, Kauai Dreams Realty, with questions and for showings.
US average mortgage rates decline; 30-year at 2.98% ASSOCIATED PRESS WASHINGTON — Mortgage rates declined this week, with the key 30year loan slipping back below the 3% mark as the economic recovery from the pandemic recession remains robust. Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year home loan eased to 2.98% from 3.02% last week. By contrast, the rate stood at 3.07% a year ago. The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, fell to 2.26% from 2.34% last week. Mortgage rates are widely expected to gradually rise in the second half of the year that began Thursday. The government reported that the number of Americans seeking unemployment benefits fell again last week to the lowest level since the pandemic struck last year, further evidence that the job market and the broader economy are rebounding rapidly from the coronavirus recession. Jobless claims dropped by 51,000, to 364,000.
US HOME PRICES RISE 11.5% APRIL TO MAY BUSINESS WIRE PHILADELPHIA — Home prices across the United States rose at an annualized rate of 11.5% in May 2021 from April 2021, according to Radian Home Price Index data released by Red Bell Real Estate, LLC, a Radian Group Inc. company. The Radian HPI also rose 9.9% year-over-year (May 2020 to May 2021), which was slightly higher than the year-over-year increase of 9.3% recorded last month. The Radian HPI is calculated based on the estimated values of more than 70 million unique addresses each month, covering all single-family property types and geographies. “Unlike repeat sales or median-price-based indices, the Radian Home Price Index generates an estimated value on nearly all homes that make up the U.S. housing stock, every month, providing us a broader and more realistic view of home price changes,” noted Steve Gaenzler, Radian senior vice president of data and analytics. “While home prices have been growing at higher-than-typical levels, recent reports of annual home prices being higher by 20% or more nationally do not represent the entire housing market, but rather the small segment of properties actually sold,” he said. “This is an incomplete measure of understanding household wealth and equity. These measures only look at the median price of homes sold, not the estimated price change on all homes, including the majority of homes that are not currently on the market. As such, the changing mix of sales will influence the rates of increase reported in these other measures,” added Gaenzler.
National data and trends Nationally, the Radian HPI estimated the median price for single-family and condominium homes rose to $280,002. Across the U.S., home prices nationally rose 11.5% over the last three months, slightly higher than the 10.5% reported for the three months from February through April. The impact of higher vaccination rates, job growth and more interest in homeownership appears to have increased the rate of appreciation. Moreover, it is common for home prices to accelerate their growth momentum into the summer season. However, the mix of homes sold by price band provides valuable information on what is driving home-price growth in median-sale indices, and even repeat-sales indices. In May, the percentage of homes sold under $250,000 stood at 30.5% of all sales.
across geographies. The weakest regions this month were the Southwest, which was largely unchanged from the prior month, and the MidAtlantic Region, while the Midwest and West regions were the best-performing month-over-month. All six regions recorded actual 12-month price-appreciation rates between 8.5% and 11.6%, signaling a robust market existing in all parts of the U.S. Regional economic indicators are also supportive of these far-reaching gains in home prices. From 1980 until 2010, the average annual number of new, privately-owned housing units authorized with building permits Regional data and trends averaged more than one million In May, home price appreciation per year. However, over the subrose from the prior month in all re- sequent decade (2010-2020) the U.S. only averaged a little over gions. As the country records 650,000 permits for new homes lower rates of infections from per year, creating a substantial COVID-19 and higher job growth, shortage of newly-constructed the Radian HPI has seen stable homes. growth in home prices broadly This is the lowest percentage recorded since before the Great Recession began. And, in contrast, the percentage of homes sold over $500,000 represented 27.2% of all sales, which is more than 3.5 times larger than the 7.5% share recorded just a decade earlier. The shift to a larger count of higher-priced homes being sold relative to lower-priced homes has a beneficial impact on the growth rate of indices that only measure home prices of sold properties. The Radian HPI measures the change in value to properties based on the entire housing stock, not the mix of homes that happen to transact in a given month.
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
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Sunshine Ruiz Hatto Vice President Kauai Operations
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99% retention rate among clients Local (vs. mainland) banking All employees are in Hawaii Serving nearly 60 associations on Kauai
BOB WILSON SR. MANAGEMENT EXECUTIVE
LUCY TAYLOR SR. MANAGEMENT EXECUTIVE
AMY CAMPBELL MANAGEMENT EXECUTIVE
Low-income seniors sue property manager over rising rent
www.hmcmgt.com
RICHARD ROBERTS MANAGEMENT EXECUTIVE
ASSOCIATED PRESS TIGARD, Ore. — A group of low-income Oregon seniors is suing their out-of-state property-management company, alleging the company deliberately misled them by renting them apartments that would soon jump in price. The class-action suit was filed in Multnomah County Circuit Court Tuesday against Denver-based Mission Rock Residential, Oregon Public Broadcasting reported. The company manages Woodspring Apartments, a federally-subsidized building in Tigard. This January, residents of Woodspring were told that the owner would soon bring the building’s 172 units to market-rate rent. The suit argues that when San Francisco real-estate firm Hamilton Zanze bought the property five years ago, the property managers knew of the plan to raise rent and intentionally withheld that information.
WHIT VAN BLARGEN MANAGEMENT EXECUTIVE
KIMBERLY LENZ MANAGEMENT EXECUTIVE
HINAHEA LANGI OFFICE MANAGER, SENIOR ADMINISTRATIVE ASSISTANT
RACHELE BURNS TOGUCHI ADMINISTRATIVE ASSISTANT
TORI WAIALEALE ISHIBASHI ADMINISTRATIVE ASSISTANT
Hawaiiana’s Kauai Properties: $OLKL /DQL Alii Kai at Hanalei Alii Kai II $OLRPDQX (VWDWHV Apopo Hale (PPDODQL &RXUW +DODXODQL &RQGRPLQLXP Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas +RROXDQD &RQGR DW .RKHD /RD +RRNHQD DW 3XKL Kahala at Poipu Kai Ka‘iulani of Princeville .DNHOD 0DNDL 2FHDQYLHZ Kalaheo Pali Kai Kalihiwai Ridge
Kauai Beach Resort Kauai Beach Resort Association Kawaihau Sports Villa . * (QWHUSULVHV &RQGRPLQLXP .RKHD /RD 0DVWHU $VVRFLDWLRQ .RORD *DUGHQ $SDUWPHQWV Kuhio Shores at Poipu .XNXLĢXOD /DH 1DQL 0DNDQXL 0DQXDORKD Paliuli 3LNDNH Plantation at Princeville 3RLSX &UDWHU Poipu Kai Association 3RLSX .DL 5DFTXHW &OXE Poipu Kai Water Reclamation
Poipu Kapili Poipu Sands 3ULQFHYLOOH ,, &RPPXQLW\ Association 3ULQFHYLOOH 0DNDL 5DQFK DW Halele‘a Princeville Paniolo Princeville Sealodge I Puamana 3XKL ,QGXVWULDO 3DUN Pu‘u Po‘a
Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince :DLNRPR 6WUHDP 9LOODV Wailua Bay View Waipouli Beach Resort
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 792-0515 or email sunshine@hmcmgt.com.