Our country's financial crisis is mainly due to bad mortgages and a stumbling housing industry.

While Oahu home prices are holding fairly steady, there has been a dramatic decline in the number of sales.

It's now tougher to qualify for a home loan.

That combined with a fear about our nation's economic situation have caused home sales to plummet.

"Good afternoon Gold Coast Real Estate."

It's not exactly a golden time for realtors.

"A friend of mine that is a realtor is now waiting tables at Waialae Country Club," said relator Don Persons.

Don Persons has been a realtor in Hawaii for nearly 30 years.

His company, Gold Coast Real Estate, deals with mostly high end homes, from Diamond Head to Kahala, lots of second homes and investment property.

"Where the average island activity is down 30% we're down over 60% from our peak time," said Persons.

When asked how open houses have been, Persons replied, "Well I had one about eight days ago at Waikiki Beach Tower. First open house, beautiful remodel up on the 37th floor. And in three hours I had one person."

While the good and bad times come in cycles...

"...it's the worst I've seen as far as the overall what it's doing to so many people. When real estate sales are down furniture sales are down repair work is down," said Persons.

On Oahu, real estate prices have stayed relatively flat. And it's a buyers market because of low mortgage rates.

Loans are available, if you qualify.

"It's pretty easy if you have good credit and your credit scores decent, above 740 should be easy. Once you get into the 500s or 600s it becomes a problem," said Don Lau, Hawaii Association of Mortgage Brokers.

The requirements to qualify for a home loan are much stricter now because of the subprime mortgage crisis.

It's also tougher to refinance.

"Today the investors aren't there, the buyers aren't there. everyone is just fearful," said Persons.

And what was once a bustling office is now mostly quiet.

"We're hoping and praying for buyers to come by," said Persons.

But Persons believes the golden time will come again, as it always has cycled in the past.

"We're going to get through this, yeah," said Persons.

Despite home sale prices plummeting in parts of the mainland, experts here believe the prices will continue to remain relatively flat.