Home prices on the island of Oahu fell on average by 8.8% last month, the steepest decline in recent memory. The fall compared prices of sales of existing single family homes on Oahu for June 2008 with the same period in 2007. The pundits say this is a soft landing. I am not so certain, as anecdotal evidence that I hear suggests homes are actually coming off the market once owners realize the real price point they will likely receive. In any case, if you wanted that Hawaii condo and still have the cash, good time to start looking.

—Alex, 07/02/08