The report noted that through the first six months of this year the sales volume for single-family homes was down 23 percent from the same period a year earlier. Median prices were up 17 percent through June compared with a the same six months a year ago. However, that was a smaller rise than the 36 percent jump in 2005, and increases of more than 20 percent in the two years before that.

"Local realtors observe that speculators are gone, while potential buy-and-hold customers are waiting, watching prices closely," according to the report.

Another constraint on Big Island growth is the tight labor market, the report said. The low unemployment rate means employers are having a difficult time finding qualified workers.

GE Energy announces Big Island wind farm refurbishment

GE Energy Financial Services today announced that it will finance the refurbishment and operation of the Kama'oa Wind Farm at South Point on the Big Island. Financial details were not disclosed.

The project, called Pakini Nui, will provide enough electricity to power more than 10,000 homes. It also will reduce the island's crude oil dependency by about 160,000 barrels year, GE Energy said.

Once the wind farm project is completed as expected in March, it will add about 7 percent to the roughly 300 megawatts of total generating capacity now available on the Big Island.

Unionization attempt fails at Hagadone Printing

An effort to unionize employees of Hagadone Printing Co., Hawaii's largest commercial printer, has failed, the company announced today.

The employees voted not to be represented by The Graphic Communications International Union, the company said.