forthill

3 Comments

    • ON: Fri May 16th 13:04 PM
      Commented on:
      How to Default on Your Mortgage and Stay in Your House
      There have been other items similar to this in the news, implying that millions of people who can afford payments will walk away on a whim. The gotcha in these cases is that in our society, everything is determined by credit scores, including apartment rentals, employment (and even car insurance, in some areas). Anyone planning this stunt should probably run up their credit cards, too, since they will probably get yanked as well.
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    • ON: Tue May 13th 08:50 AM
      Commented on:
      Tax Assessor's Nightmare
      Most places I know of reassess all property on a regular schedule as required by local/state laws - usually every 3 - 5 years, so everything should catch up, and the distress sales even out. Yes, if an entire neighborhood, etc. moves up/down, that will be reflected, and the important issue is that like properties are assessed at same rate. If the general property values drop, say 25 percent, the locality will then simply need to raise the tax rate (or make cuts). And hey, if they are getting that good a deal on the foreclosure, they can live with the tax rate till the next assessment (or maybe make a deal with the town to not send emergency vehicles, or only allow their kids in for 10 percent of the school day).

      In one town where we own property, comparables are virtually impossible to make due to lack of sales; in this area total assessment is a land plus building assessment. All land seems to have a base price, even though no empty land has been on the market in years.

      The current crisis highlights the assessment issue, but I have never known a time or place where property owners complained their assessments were too low.
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    • ON: Fri May 2nd 12:58 PM
      Commented on:
      From Housing to Employment: We're in Big Trouble
      I always though of myself as pretty cynical, but I guess I am more optimistic than most here. In spite of the real estate crisis (and don't forget, you couldn't give away a house in the early 80's either, although for different reasons), we will change and adapt. Probably painful, but we will change and adapt.
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