Posted on 08/16/2005 9:43:03 AM PDT by BurbankKarl
"We're just sitting here with bated breath watching the numbers coming in to try to figure out what's going on," said John Karevoll, DataQuick's chief analyst.
But, Karevoll said, the latest data do not suggest anything out of the ordinary: "This is what you would expect to see in a normal real estate cycle."
However, some real estate agents report sharper slowdowns.
Huntington Beach agent Mike Stankewich said home prices in his territory — particularly those priced above $800,000 — actually declined week over week, by around 5%, in July compared with the previous month. Plus, homes were sitting longer — in some cases for 60 days or more — without receiving any offers, he said.
"Prices are just getting beyond the reach of potential buyers, especially in the higher-end market," Stankewich said. "Many sellers still think prices will continue to go up, but buyers believe prices should be declining by now."
Data released Monday by the National Assn. of Realtors showed other U.S. markets, including Las Vegas, also experiencing price slowdown. But some locales, such as Phoenix, continued to enjoy annualized price surges as high as 47% in the second quarter.
San Diego County is undergoing the Southland's most dramatic price slowdown. It posted a record median price in July of $496,000, just a 5.1% boost compared with gains of nearly 30% in mid-2004. The median is the price at which half of all homes sold for more, half for less.
"Prices there are crossing the threshold at a much slower pace, but they're still crossing," Karevoll said.
(Excerpt) Read more at latimes.com ...
Wow, houses are more AFFORDABLE!!!????
The bad news just keeps on comin'..../sar
Sold my house in Burbank in 1999 for 268,000, then last year an old neighbor found out the couple we sold it to had resold it for near 550,000. Just recently I found a housing appraisal site from http://www.ditech.com/refinance/appraisal/form.do and found that our old house is now appraising up to about 725,000.... all this for a 1300 sq ft house.
Well it is was 3 blocks from Disney.
Boise values are reasonable comparably but depending on the location many values have increased 50 % here in the last 6 months.
My property tax notice came in the mail today, I'm in Florida.
Our assessed value was up 30% over last year (and those figures were arrived at using 2004 market prices.) Luckily we have a cap on taxes of 3 percent per year on homesteaded properties, otherwise, many would be taxed out of their homes.
I don't believe your taxes will go up simply based on a reassessment. Tax rates are based on the local budget and a 30% increase in the homes assessed evaluation would be offset by a similar drop in the tax rate so the dollars collected by the town would remain the same. If there is a new budget with higher spending then the tax rate would go up only enough to cover that increase. I do not believe municipalities are permitted to just tax homeowners without telling them what they are being taxed for. Planned surpluses are not allowed, at least not in any town I've lived in.
I had a real estate agent knock on my door last weekend and ask if I wanted to sell my house and our area was a "hot" area and he had 4 buyers begging to get into our neighborhood (north Phoenix, AZ)
I just took a look at my trim notice.
My actual taxable assessment went up 30 percent.
But because of the cap, my taxable value only went up 3 percent.
However, my taxes have gone up almost 5%, they list the amounts going to different areas, i.e. schools, transit, water, etc.
The interesting thing to note is that in another column it lets me know what my taxes will be if the "budget increases" aren't approved, and those taxes will be 8 percent less than last year if the new budget isn't approved.
The significant increase seems to be in local school board allocation. That portion of the property tax will increase 26 percent over last year.
So they get you one way or another, LOL.
Oh no! Only a 27.6% year over year increase in home prices in my country! What shall I ever do?!?!
er.. country = county.
refi!
I feel sorry for home buyers today. People are making payments right now that are close to 50% of their gross income. There is just know way I would make 2000-3000K house payments, and I can ACUTALLY afford to make them on one income. Making payments any larger then a 3rd of your TAKE-HOME income is just friggin crazy.
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