Posted on 12/10/2004 9:05:07 PM PST by nanak
In fact, I'm in the ridiculous position of not even being able to afford to buy my own house. I paid $262,000 for my present house in 1998 and it is assessed at $450,000 just six years later. This rate of appreciation just isn't sustainable.
It's already happening. There are more million dollar homes around here then there are multi-millionaires to buy them. Folks are building these huge homes with little down and low adjustable rates, but a half-point upswing on a very expensive home can make you homeless overnight.
house prices are nutz in alot of states.
You're not alone in that.
Five years into a 30 year fixed at 7.125%, refinanced to 15 years at 4.5%, with additional monthly principal. Looking forward to being mortgage free in 10 years.
One thing I don't see discussed in these articles is demand. Demand continues to be high in SoCal. Driven by population and the old reasons, weather, location etc. Demand my reduce the increase and not result in too drastic of a drop in values.
One thing I don't see discussed in these articles is demand. Demand continues to be high in SoCal. Driven by population and the old reasons, weather, location etc. Demand my reduce the increase and not result in too drastic of a drop in values.
Yeah, I hate it too when my little 3 bedroom townhouse rental property that I bought for $90,000 ten years ago drops to $850,000. What a pisser...
The market will do what it always does. Dip a little, stay flat, then take off in 10 to 20 years. Over, and over, and over, it does this...
Cute, then you'll only have to pay ever-increasing property taxes to keep from being put in the nursing home where you once might have worked.
Bingo! The Washington D.C. area has 3% unemployment and is projected to be SHORT 220,000 houses by the year 2020. Prices won't be dropping. If telecommuting takes off and everyone can live wherever they want to do their job then big city housing (read TERRIBLE traffic) is in trouble.
Never worked in a nursing home--are you disappointed?
Here in FL, we have a cap on tax increases--max 3% annually. Property value has tripled in the past 5 years--waterfront, no bridges to the GOM. Have already done the math.
This does not apply to the housing boom that has happened since Bush came into Office in 2000. That housing boom was lower and middle income class families buying homes as a result of his tax breaks. This "study" or opinion of "economists" is just that, and is not the result of anyone being queried in the housing industry.
More lies from the liberal media; anything to try to tear down what President Bush has accomplished. If the people on here agree with them (liberals) so readily, then why the hell did you pretend to vote for him in the first place??
Yea, it's all Bush's fault, isn't it?
Median price of $489,000. That means a family has to make close to $125,000 a year (if I did my math correctly) to be able to realistically afford that house. How many families in California make that much?
BTW, what's property tax in California? Does prop 13 protect homeowners from ever rising property tax?
What goes up must come down.
I kinda feel sorry for those folks in extremely overinflated areas, places like Seattle, Chicago, New York and San Fran.
Maybe I should just say in the blue counties.
prop 13 protects those who don't move. If you stay the assessment doesn't increase. If you move it's based upon value of home you purchased. There is a one time exemption for seniors who move to an equal value or les property.
Just funnin' ya; did the water ever recede?
Give it time, it probably will be seen that way.
I figure my property value can only increase after surviving Hurricane Season 2004 relatively unscathed.
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