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In a remarkable weekend on Wall Street, Lehman Brothers has declared bankruptcy and Marrill Lynch has been sold to Bank of America. In other stories, New York Sate will permit troubled insurer AIG to transfer funds from its operating subsidiaries to the holding company and ten firms have set up a $70 billion financing facility. So what does this all mean? In our view, in the short-term, it means the following:
While the long-term impact is clearly uncertain, in the short term mortgage rates have improved dramatically. Over the past several days rates have improved from 6.5% for a 30 year to almost as low as 5.75%. If you are interested in refinancing, now is the time to look at it. This can only help make Maui real estate more affordable.
The Federal Government will assume operating control of Freddie Mac and Fannie Mae and will purchase a large amount of preferred stock in each entity.
The Fairways at Maui Lani, one of the Wailuku subdivisions embroiled in a lawsuit is being put up for sale.
2010 Maui Oceanfront Real Estate Report Now Available!
| Featured Properties |
B-102 Makena Surf $3,380,000 Learn More | C-106 Makena Surf - Reduced $2,449,000 Learn More |
7640 Makena Road $6,495,000 Learn More |
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