Posted on 02/02/2011 7:22:53 AM PST by blam
Now owning land is simply a means for a municipality to tax you to death; what a change...
Today’s young people know that buying a home is the worst possible investment right now; you’re being set up with a 5-figure tax bill (at least here in NJ), and the mortgage interest and property tax deductions aren’t worth so much when your income is 60% of what it was 2 years ago (making the mortgage payments impossible anyway). There is giant sucking sound here in northern NJ of taxpayers and decent jobs leaving for greener pastures; housing is in terrible shape here.
I agree with the concept, but the reality is that whole sections of the country (northeast & California in particular) would be de-populated very quickly, and many of those who lost their homes (there would be millions of them) would be voting socialist for generations to come.
Banks are supposed to mark-to-market. The only problem is that if they actually did, every major bank in the country would become instantly insolvent.
I also think that a lot of those refinancing offers and home equity loans that are heavily advertised on the radio had a lot to do with our current housing situation. I say that because appraisers were writing appraisals to meet the customers needs and not reality. Lots of folks took out second mortgages and many of them risky ones like ARMs or interest only loans. Granted, dipshits like Barney Frank didn’t help the situation at all by forcing banks to make loans to unqualified people. There is enough blame to pass all the way around the table here, yet many tax payers who played by the rules and paid their mortgage are going to be on the hook for those who did not.
There is no credit. There is hardly any inventory out there because the banks sit on them or rent them rather than realize a huge accounting loss by selling them.
But hey, look on the bright side, there are a multitude of idiots who are proclaiming that the economy is getting better...now. /s =.=
The price of homes will continue to fall until the average family can afford the average home and that is a long way off yet.
But at the bottom was governmental interference - Clinton, Greenspan, etc. They clearly encouraged - mandated even - banks to take the risks they did.
Ping.
bttt
Does your state have a system to where you can have the assessor do a market revision? Even here in Commiefornia, it’s a real easy process. Our county assessor has done downward revisions automatically the last couple of years.
It would be a lot cheaper than TARP...
Unforunately, the got have turned it into a pinata and big fat bullseye as well t keep taxing and regulating people.
Unforunately, the govt have turned it into a pinata and big fat bullseye as well t keep taxing and regulating people.
BBBIIINNNGGGOOOOOO
End of Thread.
We are financing our purchase. There is plenty of credit.
There is hardly any inventory out
There is plenty of inventory out there.
there because the banks sit on them or rent them rather than realize a huge accounting loss by selling them.
While we were waiting on our short sale approval, we saw lots of houses move from regular sale to REO. Our house was originally scheduled to go to foreclosure four months after it was originally listed. Banks are moving the properties from default to short sale/foreclosure/REO.
It'll be the House Republicans fault here pretty soon.
At some point people are going to have to start fighting back. Demand that public officials can no longer drive people into grinding poverty.
If public officials continue to tax and tax. start a recall. Get them out of office and replace with people that swear to cut spending and taxes.
I lived in a town in CA. (80’s), that found in the first meeting of the City Council taxes were to be raised. Two weeks later everyone of them were recalled. The special election ended that s*** immediately.
I realize it was a small town, but it can be done.
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