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Posted by Phil Again on September 11, 2008, 5:06 pm
{Sorry if this topic was explored here before}
As I understand the local rumors, my neighborhood has just had its 4th
home sold by way of foreclosure at about $50,000 USD below what I owe on
my mortgage; comparable homes as the real estate folks say. There are
several other foreclosed homes vacant. A few up for sale, but remain
unsold.
Now, my local real-estate property tax authority now and then sends me a
letter stating the estimated "fair market value" and the legally binding
"Tax Assessment Property Value" on my home. My understanding is the Tax
Assessment value to be some percentage of the estimated fair market
value, call it 55% for purposes of this thread but it could be higher.
Obviously my property taxes are going to go down. But the schools are
going to be without needed money to operate. The local city and county
governments are going be hurting also. I live where I do because I want
full time fire-fighters, emergency services, full time police patrols,
fully funded schools with computer technology (read $$$$), plus curb side
trash pickup. If I didn't want those services, I could have purchased a
home elsewhere.
Now my question: since the buyers of the aforementioned homes are rental
agencies fronting for property investment corporation(s), plus the down
grading of city and community services because of lower tax revenues,
where is the breaking point for me to cut back on exterior up keep of my
home?
If the only buyers of the foreclosed homes is rental property investors,
does that mean my neighborhood is a working-to-middle income slum?
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Posted by dpb on September 11, 2008, 5:08 pm
Phil Again wrote:
...
> If the only buyers of the foreclosed homes is rental property investors,
> does that mean my neighborhood is a working-to-middle income slum?
Not necessarily, but it does mean the homes are overvalued in the
current market.
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Posted by Phil Again on September 11, 2008, 5:19 pm
On Thu, 11 Sep 2008 16:08:53 -0500, dpb wrote:
> Phil Again wrote:
> ...
>> If the only buyers of the foreclosed homes is rental property
>> investors, does that mean my neighborhood is a working-to-middle income
>> slum?
>
> Not necessarily, but it does mean the homes are overvalued in the
> current market.
Oh, so, so true. The bubble was pretty while it lasted. All things come
to and end I guess.
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Posted by SMS on September 11, 2008, 7:51 pm
Phil Again wrote:
> On Thu, 11 Sep 2008 16:08:53 -0500, dpb wrote:
>
>> Phil Again wrote:
>> ...
>>> If the only buyers of the foreclosed homes is rental property
>>> investors, does that mean my neighborhood is a working-to-middle income
>>> slum?
>> Not necessarily, but it does mean the homes are overvalued in the
>> current market.
>
> Oh, so, so true. The bubble was pretty while it lasted. All things come
> to and end I guess.
It was a very different bubble this time. Earlier bubbles were driven
solely by inflation in the house values, and when the values fell back
down, people started buying again. This bubble was driven by people
taking out ridiculous loans, then home equity loans, spending that
money, then being unable to repay either the mortgage or the equity loan.
Who's going to buy these foreclosed houses at the new lower values, and
with what? The non-insane people already have homes and aren't buying
more or moving. The people that were foreclosed on don't have the money
to buy another house and can't get a loan.
We're looking at _years_ of continued decline in values.
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Posted by h on September 11, 2008, 5:27 pm
>
> Now, my local real-estate property tax authority now and then sends me a
> letter stating the estimated "fair market value" and the legally binding
> "Tax Assessment Property Value" on my home. My understanding is the Tax
> Assessment value to be some percentage of the estimated fair market
> value, call it 55% for purposes of this thread but it could be higher.
Wow. You're lucky. We're assessed at 100% of "full value", although only the
county gets to decide what that is. Assessments keep rising even though most
people are getting less than the assessment value when they sell.
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