ECONOMIC RECESSION
Given
the fragile situation of Honolulu’s tourist-based economy, one wonders how Honolulu survived the 2008 Great Recession with such a modest foreclosure rate as compared to the nation. One possibility is that Illegal Accessory Dwellings helped reduce the economic burden of homeownership.
Did having a tenant help reduce foreclosure rates and stabilize neighborhoods by providing mortgagees a supplementary income? Figures 9 through 12 present a very preliminary glimpse combining maps produced by the Federal Reserve of San Francisco and this writer. These figures suggest that those areas with the highest concentrations of Illegal Accessory Dwellings also experienced a lower rate of foreclosure. Larger size images and Hawaii foreclosure information avail from the Federal Reserve Bank of San Francisco.
Did having a tenant help reduce foreclosure rates and stabilize neighborhoods by providing mortgagees a supplementary income? Figures 9 through 12 present a very preliminary glimpse combining maps produced by the Federal Reserve of San Francisco and this writer. These figures suggest that those areas with the highest concentrations of Illegal Accessory Dwellings also experienced a lower rate of foreclosure. Larger size images and Hawaii foreclosure information avail from the Federal Reserve Bank of San Francisco.
