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CITIES HIT HARDEST BY HOUSING CRISIS

Rachael Westgate WEALTH OF GEEKS

Lihue

3117 Umi Street

A 3 bedroom, 2 bath home with a 2 car garage conveniently located on a larger sized lot in Lihue, within walking distance to restaurants, library, county & state buildings, Wilcox school, shopping and more.

Features include a large laundry room, vaulted ceilings and a newer roof. Breathtaking views of Mt. Waialeale. MLS # 670345; $1,200,000.

Call Julie Black, RB-14203 (808) 652-6174 Kauai Dreams Realty, to see this property.

Nearly three-quarters of all families in the United States cannot afford to buy a new single-family home at the nationwide median price of $426,000. Of course, many U.S. cities deal with home prices far in excess of that halfway point. New York and San Francisco are cities known for their abundant job markets and metropolitan populations. They’re also included on the list of the country’s two most challenging housing markets. In the current economic climate, additional financial pressure on housing pushes some working Americans out of the cities, regardless of their employment status.

A recent study by Portland Real Estate analyzes data from the National Association of Realtors, the U.S. Census Bureau, and the Bureau of Labor Statistics to assess the ratio of new job openings per building permit to gauge the housing shortages in metropolitan areas.

Beyond building permits

The Portland Real Estate study ranked cities based on a ratio of job growth to building permits to illustrate the imbalance between the number of individuals the area is looking to recruit for employment versus available homes. The study focuses on the number of new jobs for every single building permit issued.

Job markets in some areas of the country may be bouncing back from the layoffs of recent years, but that doesn’t necessar-

30-year, fixed home loan rate climbs to 6.90 percent

ASSOCIATED PRESS

WASHINGTON — The average long-term U.S. mortgage rate rose again this week, bad news for Americans seeking to upgrade or buy their first home.

The average rate on the 30year home mortgage rate ticked up to 6.90 percent this week from 6.81 percent a week ago. A year ago, the benchmark home loan rate stood at 4.99 percent, mortgage buyer Freddie Mac reported Thursday.

The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, climbed to 6.25 percent from 6.11 percent last week. A year ago, it was 4.26 percent.

High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already overpriced for many Americans.

High inflation has driven the Federal Reserve to raise its benchmark interest rate 11 times since March 2022. Its fed funds rate has hit the highest level in 22 years.

Inflation has come down steadily since last summer, and many analysts believe the Fed has reached the end of its rate hikes.

Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence rates on home loans.

The average rate on a 30-year mortgage remains more than double what it was two years ago, when ultra-low rates spurred a wave of home sales and refinancing.

20.4; Miami, scoring 20.2, Chicago, at 19.5; New Haven, Connecticut with 19.3, and Los Angeles, with a ratio of 18.3.

These high-ranking cities compare to a nationwide average among all cities of 7.64 jobs per building permit.

Among the top 10 ranking cities, three states rank more than once: there are two cities from Massachusetts, two in New York, and two in California. Each of these states boasts strong job markets and high metropolitan population sizes.

JEFF

Homes are shown in San Francisco on April 26, 2023. The White House has announced a series of measures it said would reduce the cost and increase the supply of housing while bolstering protection for renters. The measures announced on July 27, 2023, would provide communities with funding to reduce zoning barriers, expand financing for affordable and energy efficient housing.

ily translate to affordability in other regions. With continued housing inventory issues across the country, landing a better job may not be the ticket into the housing market.

Where are the U.S. hotspots for limited housing inventory? Likely different from where you’d expect.

Cities with highest job growth to building permit ratios

New York City claims the top slot as the city with the highest ratio, at 31.4 jobs created for every building permit. Despite an abundant job market, this denotes a severe housing shortage in the city. A surge in new job offers increases demand for rentals,

pushing housing prices up and making it more and more difficult for residents to secure affordable housing.

San Francisco takes second place, with a ratio of 29.2, which is another example of a growing job market outpacing residential construction in the city.

Springfield, Massachusetts, secures the third-place ranking with a ratio of 26.6 new jobs per building permit, reflecting similar concerns to its first and second-ranking counterparts.

In fourth place, urban Honolulu scores a ratio of 25.1, and Syracuse, New York, comes in fifth with a ratio of 21.8.

The other U.S. metropolitan areas featured in the top 10 list include Boston, with a score of

The geographic spread of top ranking cities is also worth noting, with 50 percent of the top ten located on the East Coast, while 20 percent are on the West Coast, and the remainder spread across the country.

What house hunters can expect

While it’s hard to predict with any certainty what’s to come for the housing market, rising interest rates and subsequent mortgage rates continue to put pressure on folks looking to purchase in the coming months.

Renters in cities with a high ratio of jobs to building permits may continue to encounter stiff competition when applying for housing and inflated rates to account for demand.

Keeping an eye on the Federal Reserve’s interest rate announcements will provide valuable insights into affordability forecasts for the remainder of 2023.

•••

This article was produced by Media Decision and syndicated by Wealth of Geeks.

CHIU / ASSOCIATED PRESS FILE

TMLF HAWAII, LLLC A Hawaii Limited Liability Law Company ROBIN MILLER #7982 1099 Alakea Street, Suite 1500 Honolulu, Hawaii 96813 Telephone: (808) 489-9741

Email: robin.miller@mtglawfirm.com

Reference #161476

Attorneys for Petitioner WELLS FARGO BANK, N.A. FIFTH CIRCUIT COURT NOTICE

P. NO. 5CLP-23-0000079

THE ESTATE OF KURT ALLAN HANSON, ALSO KNOWN AS KURT ALAN HANSON, DECEASED. FILED,PetitionforAppointmentofSpecial AdministratorofWELLSFARGOBANK,N.A.,showing propertywithinthejurisdictionofthisCourtandasking thatRandallM.L.Yee,Esq.,whoseaddressis1000 BishopStreet,Suite908,Honolulu,Hawaii96813,be appointed Special Administrator for said estate. That, TUESDAY,AUGUST29,2023at1:00p.m. beforepresidingJudgeatPu-uhonuaKaulikeBuilding, 3970Ka’anaStreet,Lihue,HI96766istheappointed date,timeandplaceofhearingonthePetitionandall interested person. PursuanttoRule10(c)oftheHawaiiProbate Rules,anypartywishingtoobjectorrespondtothe PetitionshallfilesuchobjectionwiththeCourtorserve itonallinterestedpersonswithinthirty(30)daysof the date of this Notice.

DATED: Lihue, Hawaii, 7/20/2023.

/s/Doreena Olivas Brun CLERK OF THE ABOVE-ENTITLED COURT (TGI1424824 8/4, 8/11, 8/18/23)

OWNER’S NOTICE OF COMPLETION OF CONTRACT NOTICEISHEREBY GIVENthatpursuanttothe ProvisionsofSection50743,oftheHawaiiRevised Statutes,theconstruction byBrianAndrew ConstructionLLCofthat certainnewdwelling situatedat4268Noho KaiStreet,Koloa,HI 96756,TMK:(4)2-6-022032, has been completed. James & Marla

Owner(s) (TGI421421

8/4/23)

NOTICEOFINTENTTOFORECLOSEINTERVALOWNERSHIPINTERESTSANDOF SALEBYPUBLICAUCTION.NOTICEISHEREBYGIVENpursuanttothetermsof theTimeshareDeclarationthatthefollowingtimeshareinterestsmore particularlydescribedinthelien(s)referredtoin Schedule“1” willbe forecloseduponbytheforeclosingagent,FirstAmericanTitleCompanyon behalfof Marriott’sKauaiBeachClubOwnersAssociation,aHawaii nonprofitcorporation bysaleofpropertysecuredtherebyatpublicauction on 08/25/2023 at 1:00PM at VidinhaStadium,HoolakoSt,Lihue, HI96766,underthetrees,atentrancetothestadium. Eachofthe propertiestobesoldisaTimeshareInterestat KauaiResortandBeach Club establishedbycertainDeclarationrecordedas Doc.No.95-088888 intheofficeofBureauofConveyancesorAssistantRegistraroftheLand Court,StateofHawaiiandasamendedandwhichpropertyislocatedat 3610RiceStreet,KalapakiBeach,Lihue,Kauai,HI,96766. The TimeshareInterestasnotedontheNoticeofLien,whichhasbeenfiled againsttherecordownerasconsistsofdelinquentmaintenancefees,(plus interest,latecharges,andcollectionandenforcementcosts).Termsofthe saleare:(1)Noupsetprice.(2)Propertysoldwithoutcovenantorwarranty, expressorimplied,astothetitlepossessionorencumbrances;(3)Atthe closeoftheauction,Purchasershallpay100%ofthehighestsuccessfulbid price(“Bid”)bycertified,orcashier’schecktoFIRSTAMERICANTITLE COMPANY;providedthattheAssociationmaysubmitacreditbiduptothe amountofthesecuredindebtedness;(4)Purchasershallpayallclosingcosts including,butnotlimitedto:costsofdocumentdrafting,notaryfees,consent fees,escrowfees,conveyancetax,recordationfeesandothercharges, togetherwithanyspecialassessmentswhichmayariseunderHRS514B146(g)(h)(i);(5)IftitleisnotconveyedtoPurchaserforanyreason,other thanPurchaser’sfailuretoperformasspecifiedherein,theAssociation’ssole responsibilityshallbethereturnoftheBidfundstenderedbyPurchaser.The PurchasershallhavenofurtherrecourseagainsttheAssociationoritsagents, attorneys,servicersandauctioneers;(6)Thesalemaybepostponedfromtime totimebypublicannouncementbytheAssociationorsomeoneactingonits behalf;(7)BysubmittingtheBid,Purchaseracknowledgesreadingtheterms andconditionssetforthinthisnoticeandagreestobeboundtherebyand signawrittenacceptanceofalltermsherein.Forfurtherinformationregarding thissale,youmustcontact FirstAmericanTitleInsuranceCompany,a Nebraskacorporation at (702)304-7509. Conductorofthepublicsale inthestateofHawaii:AQUALEGALLLConbehalfof,FirstAmericanTitle, agentforClaimant;Phone:(808)539-7504;Address:1099AlakeaStreet, suite2430,Honolulu,Hawaii96813.BatchNo: ForeclosureHOA131542KA107-HOA.Schedule“1”: LienRecordingDateandReference,Timeshare Interest(ContractNo.),Owner(s);05/27/2022Inst:A-81820805, KA*0101*40*X,CHARLIEBUFORDBULLOCKSandMAGGIERUTHBULLOCKS; 05/27/2022Inst:A-81820805,KA*0105*28*E,WILLIAMJOSEPHLEVYand RUTHELLENLEVY,TrusteesoftheLEVYFAMILYTRUST,DATEDAPRIL21, 1986;05/27/2022Inst:A-81820805,KA*0338*14*E,DREXELB. SHEAHANandNOREENB.SHEAHAN,TrusteesoftheSHEAHANFAMILYTRUST DATEDFEBRUARY1,1999;05/27/2022Inst:A-81820805, KA*0338*29*B,JANINEMARIESHAGOURYKRUZEandANNEMARIE VERONICASHAGOURY;05/27/2022Inst:A-81820805,KA*0446*45*B, THOMASAMBROSEJONESandRUTHANNEJONES;02/07/2023Inst: 84380281,KA*0451*48*B,JEANETTLAUKUNZE;05/27/2022Inst:A81820805,KA*0520*09*B,RAYDONALDHALSELLandMARILYNANN HALSELL;01/26/2023Inst:84260332,KA*0679*19*B,RICHARDEDWARD OTOSKI,M.D.andEMILYCHRISTINAOTOSKI;05/27/2022Inst:A-81820805, KA*0828*34*B,JAMESWATSONMINTEER;05/27/2022Inst:A-81820805, KA*1016*30*X,PAMELAJ.WALLACEandGINAGITISZCZENKO;05/27/2022 Inst:A-81820805,KA*1121*32*B,TRAVISG.WYCKOFFandROSALINDS. CARELLA-WYCKOFF. (TGI1424045 7/28, 8/4, 8/11/23)