BUSINESS BRIEFS
Honolulu home prices 3rd highest
Advertiser staff
Honolulu's median home prices were the third-most expensive in the country during the third quarter, according to the latest quarterly survey from the National Association of Realtors.
Honolulu's median price of $615,000 trailed only two areas in California. The association said the most expensive price was found in the San Jose-Sunnyvale-Santa Clara area, where the median was $650,000. That was followed by $615,700 in the San Francisco-Oakland-Freemont area.
The least expensive area in the nation was $65,800 in the Saginaw-Saginaw Township North area of Michigan, the association said.
Honolulu's median price was more than three times the national average of $200,500.
The San Francisco-Oakland-Freemont area also claimed the highest median price for condominiums during the third quarter at $456,300.
It was followed by the New York-Wayne-White Plains area of New York and New Jersey at $324,500.
Honolulu was third at $322,000.
The national median price for condominiums was $210,800.
SEPTEMBER CEMENT IMPORTS FELL 2%
Hawai'i imports of finished Portland cement, an indicator of construction activity, fell by 2 percent in September, or less than the average of 10.5 percent decline nationally during the month.
There were 32,619 metric tons shipped during September to Hawai'i. The decline was markedly less than August, when the shipments were off 14.1 percent compared with a year earlier.
JUMBO MORTGAGE LIMIT DECLINES
The dollar amount of Hawai'i jumbo mortgages that Fannie Mae and Freddie Mac can purchase will go down starting in January, according to www.Bankrate.com.
A list compiled by the financial Web site shows the jumbo loan limit will decline to $721,050 in Honolulu from $793,750 this year.
The loan limit is the maximum size of loans the agencies can purchase and are changing because of a change in the way the limits are calculated for jumbo mortgages and lower median home prices.
A listing by Bankrate shows the rate will drop to $713,000 for Kaua'i and $626,750 on Maui.
ISLE AIRPORT BONDS STILL RATE AN 'A'
Fitch Ratings affirmed its "A" rating on about $590 million of outstanding state of Hawai'i airport system revenue bonds, saying the Airport Division's monopoly operation of airports in the state and its strong balance sheet and cash position merit the rating.
It said the demise of Aloha and ATA airlines had hurt enplanements, but added that there had also been a 4 percent increase in overseas traffic during the year ended June 30, 2008.
BOH ECONOMIST TO SPEAK ON MAUI
Bank of Hawai'i senior vice president and chief economist Paul Brewbaker will be the keynote speaker at the Maui Non-Profit Directors Association's annual legislative luncheon, to be held from 11:30 a.m. to 1 p.m. Dec. 9 at the Maui Tropical Plantation in Waikapu.
Brewbaker will update the state's economic forecast and discuss challenges facing the nonprofit sector. Also during the event, the association will announce the winners of its outstanding nonprofit executive director, humanitarian, and community business awards.
The event is open to the public. The cost is $15 per person. The deadline for reservations is Dec. 1; call Sherri Dodson at 893-0334.
