What Median Home Prices Would Look Like If the Bubble Never Happened

HomeGuide123 ^ | January 28, 2008

[Freedom_Is_Not_Free]

Did you read nothing I posted?

Nevada has the highest foreclosure rates in the nation, not Florida nor California.

Michigan, Colorado and Ohio have foreclosure rates equal to California.

Are you deliberately ignoring everything I write or are you so busy you don’t bother to read it.

NO NO NO NO NO NO NO NO NO NO NO! IT IS NOT ONLY CALIFORNIA AND FLORIDA.

Please write that on the blackboard 100 times so it finally sinks in.

Foreclosures in Massachusetts are at an ALL TIME HIGH.

Nevada foreclosures are at an ALL TIME HIGH.

Colorado foreclosures are at an ALL TIME HIGH.

Michigan foreclosures are at an ALL TIME HIGH.

Texas foreclosures are at an ALL TIME HIGH.

New York state foreclosures are at an ALL TIME HIGH.

You are paying no attention whatsoever. I am completely wasting my time with you.

[rb22982]

Are you that dense? Nevada doesn’t have enough of a population to skew the stats for the entire nation. Florida & California DO. Let’s say, the historical average for foreclosures is 1 out of 500 households. Let’s say 48 states have a foreclosure rate of 1 out of 700 houses-—With California at 1/50 and Florida at 1/50 with REALLY high populations, it will skew the national average far lower than 1 out of 700 even though 48 states average 1 / 700. Based on the article, only 9 states are below the mean, which means the significant housing drops is signicantly concentrated in several states. We’ve never had foreclosure rates ever in California & Florida at the same like we do now. You refuse to try to look at the rates excluding those 2 larges states (if you remove Texas, Nevada & Ohio, I guarantee the other 45 states are not even close on average to their historical highs). Yes, housing is struggling throughout the country but the majority of the pain is being felt in a relatively concentrated area (although a large population).

[rb22982]

You also continue to ignore that even with the runup from the last 2 years, 99 out of 100 households are not in foreclosure.

[rb22982]

Just did the math---If you exclude the 6 worse states, the foreclosure rate per 100 drops over 33%. Just removing Florida and California and the foreclosure rate per 100 drops 20%. That is pretty significant that a few states skew the average that much.

[KarenMarie]

We bought this house with cash 7 years ago. We paid $135k and our property tax was $2,400.

18 months ago, the county decided it was not making enough money and sent the assessors around the entire country. Over night, the value of my house changed from $135k to $302k and my property tax is now over $5,000.

I look at houses in the area that went for $250k when five years ago that are now going for $6-6.5k! They are paying over $10k per year in property tax.

Astounding!

[Notary Sojac]

I suggest a model for property taxes that would be akin to claiming prices in horse racing.

The govt can set your assessment anywhere it likes, no inspectors, no appeals.

But they have to BUY your house at that price if you offer it to them.

[Notary Sojac]

Foreclosures in many states are at an alltime high.

And can we agree that's a good thing?

People who never had the income at those prices need to go back to renting.

People who used their house like an ATM need to lose their houses.

And banks who loaned to them both need to take the losses.

Experience is the only teacher.