Posted on 11/21/2023 12:11:55 PM PST by ChicagoConservative27
The sale of previously owned homes fell to an annualized rate of 3.79 million in October, marking a 13-year low, according to data released by the National Association of Realtors (NAR) on Tuesday.
Existing home sales, which fell 4.1 percent from September and 14.6 percent from last year, reached its lowest point since August 2010, the data showed.
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” Lawrence Yun, NAR’s chief economist, said in a press release.
(Excerpt) Read more at thehill.com ...
“There is also Prop 13 in CA, which assesses the property at the value of when it was acquired,”
Did you read my last several?
and the assessment cannot increase more than 1% per year regardless of what the fair market value may be. “
It is 2%.
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