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I lost over 200 Grand on my house. Sad thing is that I never even saw the 200 grand that I lost. It came easy and it went just as fast.
Up here, as values go down, the mill rate goes up to keep the revenues flowing. And as for real estate on this part of the Range, it’s a piranha feeding frenzy of bizarre legal attacks against ranchers, schemes for more regulations, etc. Some group entities are trying to get it all for nothing.
The debt regime will correct itself with eventual default, IMO. All who can hang on until then will have a chance for small government without all of the weirdness of the past three or so decades. ...no revenues for it, and no manufacturing for sustainable revenues to keep it going.
Yet they’re raising the property tax assessments where I live. Thanks for nothing.
Tell me about it.
You know, since the price of basic necessities like food and gasoline are rising at a rapid pace... there is less money the average American has to spend on things like housing. They can substitute renting for buying
But they can’t substitute food or gasoline.
The faster inflation bites those basics, the worse the housing market will get. For the market price for buying a house will have to drop down to the level to which the stressed family can finally afford.
I learned quick. Three years ago I walked away from a home.
I would still be making payments of almost $1600 on a run down fixer upper that I spent a lot of time and effort on. Got it fixed up real nice then the market dropped out.
I did what my name sake would have done. I dropped out and live off of the government now, until the government fails and we the living can live again.
Till then - nobody wins - everybody loses.
Unless you are willing to fight and die, the government is going to just spit in your face.
I live in a heavily real-estate depressed area of Florida, and I can tell you that at least around here, Zillow is just flat out wrong. Well, they are getting closer to the right answer, but there has been a tremendous lag, at least 18 months. Not sure that Zillows method can be considered the Rosetta Stone of Real estate pricing.
This is not accurate. Prices in, for example, MA are still wildly inflated and do not show signs of weakening, even out away from the cities. When MA prices drop to where a 1700sq ft house goes for under 200,000, then I’ll concede that prices are falling.
But wait a minute - the press is telling us the economy’s in recovery....
Hurray! This counteracts inflation! < /s >
Our property taxes keep going up and our roads are the sh*ts, our water, sewer and electrical are going up. Gas is going up and the state wants to raise taxes. The HOPE AND CHANGE just gets better and better.
So what?
If they can make their monthly payments then they have no reason to default. Unless they are deadbeats.
Hey, look at the bright side: Just as the country is about to collapse into bankruptcy, along comes a Presidential candidate who already knows how to do bankruptcy. Donald Trump.