[dennisw]

Another evaporating evaluation. Lets say the local county says my house is worth $250000 and taxes me based on that very fictitious evaluation. Lets say that houses like mine are on the market for $226,000. That is the going price.... But is it? Because no houses are moving at that price

The true “marked to market” price of my house is actually $180,000-$200,000. That is the true marketable price that my house will get tomorrow or let’s br more generous and say within two weeks

[ThePythonicCow]

Yeah. Then, once those appraisals do come down, that sharply lowers the county's tax base. Unfortunately, while Bear Stearns evaporates when they are insolvent, your county raises taxes (even when we're way past the peak of the Laffler curve and higher tax rates yield lower revenue.)

Get out of debt, sell what you can, be prepared for a reduced standard of living, be on good terms with ones neighbors, and tend to any fancier medical or dental procedures that you've been putting off. If you can reach the other end in five or ten years with your health and a little capital left, you can buy some stuff for nice prices (as JPMorgan just did.)