U.S. housing market prepare yourself for the "tsunami" that's coming

[Mattemma]

We want to sell but there is no way we can compete with the 34k forclosure house 3 doors down from us.Houses that sold for 100k when we moved here are now 40k or less. Hard to accept that people are getting the same house for thousands less than us,but hey atleast we still have a house to live in so we are still doing good.

 

[speckledhen]

Older thread, but the drama continues.... In the midst of this, yesterday we got a tax notice. The taxes on our house on 2.22 acres is going up by $150/yr (again--three years ago, it did the same because they removed the homestead exemption) because they increased the home value by $18,000. It increased taxes by 70% with the loss of homestead and now, another $150?

In addition to that, we own two adjacent lots totaling 3.15 acres (so we have 5.37 acres with our house). They say the value of those two lots is 5 times MORE than last year so now, the total property tax, rather than the total of less than $70 per year will be $370! This is on completely unimproved lots, no paved roads, no underground utilities. They are practically giving away lots with paved roads and underground utilities (which I don't want, but for comparison purposes, this makes NO sense)

Nothing has changed, the market is still in the toilet and two lots they say were valued at about $9500 last year are now worth over $50,000??? Maybe before the bubble burst a few years ago, when an acre was selling for $20K, but now? C'mon! We will be appealing, of course.

 

[debilorrah]

How sad that nothing has even improved in almost 2 years.

 

[sumi]

Older thread, but the drama continues.... In the midst of this, yesterday we got a tax notice. The taxes on our house on 2.22 acres is going up by $150/yr (again--three years ago, it did the same because they removed the homestead exemption) because they increased the home value by $18,000. It increased taxes by 70% with the loss of homestead and now, another $150?

In addition to that, we own two adjacent lots totaling 3.15 acres (so we have 5.37 acres with our house). They say the value of those two lots is 5 times MORE than last year so now, the total property tax, rather than the total of less than $70 per year will be $370! This is on completely unimproved lots, no paved roads, no underground utilities. They are practically giving away lots with paved roads and underground utilities (which I don't want, but for comparison purposes, this makes NO sense)

Nothing has changed, the market is still in the toilet and two lots they say were valued at about $9500 last year are now worth over $50,000??? Maybe before the bubble burst a few years ago, when an acre was selling for $20K, but now? C'mon! We will be appealing, of course.

Very sneaky

When you think about it, it's completely illogical. Take from the poor and give to the rich is how things seem to work nowadays.

My DH owned a very nice house on a huge plot (for a town anyway) in Hout Bay, Cape Town. This was around 2000-2001. The property tax on his house went from around ZAR380/pm to over ZAR3 000/pm overnight. The increase meant the old Hout Bay residents had no choice but sell and make way for the rich. And Hout Bay went from being an idyllic fishing village to a rather posh area.

 

[EweSheep]

Housing and unemployment are still on the rise here. Hubby will be losing his job in a few weeks and we are dreading it. However thankfully I have my SSI but it can only go so far as a mortgage and electric bills to be paid. Daughter has been going to private school but it may change if hubby dont find a job by the time she goes back to school.

Scarey times and we just don't know how the employment and housing is going to pan out. Hubby is seriously thinking about moving out of state but when you have many more people wanting to leave the state, it would create a ripple effect and like the yesterday years, when new people move to another state, hearing about the "gold rush", come to find out there is so many people in front of them looking for work as well and the bubble has burst.

Something HAS to give! We have been lucky so far but this time, we are prepared.

 

[dawg53]

Older thread, but the drama continues.... In the midst of this, yesterday we got a tax notice. The taxes on our house on 2.22 acres is going up by $150/yr (again--three years ago, it did the same because they removed the homestead exemption) because they increased the home value by $18,000. It increased taxes by 70% with the loss of homestead and now, another $150?

In addition to that, we own two adjacent lots totaling 3.15 acres (so we have 5.37 acres with our house). They say the value of those two lots is 5 times MORE than last year so now, the total property tax, rather than the total of less than $70 per year will be $370! This is on completely unimproved lots, no paved roads, no underground utilities. They are practically giving away lots with paved roads and underground utilities (which I don't want, but for comparison purposes, this makes NO sense)

Nothing has changed, the market is still in the toilet and two lots they say were valued at about $9500 last year are now worth over $50,000??? Maybe before the bubble burst a few years ago, when an acre was selling for $20K, but now? C'mon! We will be appealing, of course.

Our county assessors finally lowered our property and home values, less property taxes to pay in November. However our county commissioners are gnashing their teeth where to make up the loss of several million dollars. They've already mentioned increasing our millage rates next year, and they still refuse to cut services.