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Old 08-28-2007, 10:52 AM   #21
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I've been thinking about if and when I ever sell my house that maybe moving into a rental for a few months would be the best thing. Save the $$ from selling your house for a few months and taking your time in buying something else. I sure would hate being trapped in the middle of selling and buying right now.
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Old 08-28-2007, 10:57 AM   #22
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S&P Says Housing Prices Fell in 2Q by Steepest Rate Since Its Index Was Started in 1987

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NEW YORK (AP) -- U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said Tuesday.
Home Prices: Steepest Drop in 20 Years: Financial News - Yahoo! Finance

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Old 08-28-2007, 11:11 AM   #23
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My assessed value in Florida went up by $100,000 but because I'm homesteaded my taxes went down by $300
Down $700 here (homesteaded, too). Should help with the high insurance premium.

I once added them all up and compared it to other states which have state income tax. Florida come out pretty well if you count that in, and why not - it's all fixed, real cost of living wherever you are.
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Old 08-28-2007, 11:11 AM   #24
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I'm closing on a 1 br condo right now. Originally listed at 265k. Reduced to 250k. My offer was accepted for 220k. 12% off the current list price.

Maybe it was overpriced to begin with, but last year another sold for 265k. However, the unit was Completely renovated. Mine only has a newer carpet, paint and central a/c unit. I'm happy. For just me, I don't need the newest of everything. Just things that work.

*sidenote* - This is in NJ and a very accessible location to NYC, hence the high price (when compared nationally). Ideally, one day in 5-7 years I'll move up to a house in NC or CO...
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Old 08-28-2007, 11:47 AM   #25
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Originally Posted by happy2bretired View Post
I've been thinking about if and when I ever sell my house that maybe moving into a rental for a few months would be the best thing. Save the $$ from selling your house for a few months and taking your time in buying something else. I sure would hate being trapped in the middle of selling and buying right now.

That's exactly what happened to my sister .Her house in Long Island ,Ny has been on the market for over a year and she bought a house in Florida at the top of the bubble .Ouch !
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Old 08-28-2007, 01:05 PM   #26
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Down $700 here (homesteaded, too). Should help with the high insurance premium.

I once added them all up and compared it to other states which have state income tax. Florida come out pretty well if you count that in, and why not - it's all fixed, real cost of living wherever you are.
just got my first tax bill on the inherited house $17+k. ouch. they've got it appraised at $950k. nearly identical house on identical lot three houses down sold for $1.35 just after the turndown. i don't see us getting $950k today. not even a low ball offer in 6 months. currently petitioning county to re-appraise us at $750 but i'd settle for $850 to at least knock off $2k from taxes.

once i dump that house and then eventually mine i think i will never own real estate again.
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Old 08-28-2007, 02:45 PM   #27
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Since the Floridians are chiming on property taxes: mine are down a whopping $200.

Now, since much of school is funded with property taxes, I expect that my "savings" won't last long. It has only been 1 week, but I have already sent in $60 for required planners, PE shirts, and lab fees.
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Old 08-28-2007, 03:29 PM   #28
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Well, my property tax actually went up over 80% this year....part of that due to increase in tax rate but mostly due to assessed value increasing just over 50%. I just came from a meeting with the board of equalization (to appeal the increase in assessed value). I do live on a large lake in central Alabama about 2 hours from Atlanta but an increase in property value of 50% is a little steep......
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Old 08-28-2007, 03:45 PM   #29
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Down $700 here (homesteaded, too). Should help with the high insurance premium.

I once added them all up and compared it to other states which have state income tax. Florida come out pretty well if you count that in, and why not - it's all fixed, real cost of living wherever you are.

Rich,
Just curious ,did your appraisal go up ? Mine went up $100,000 .If I could get that much I'd be leaving tomorow .
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Old 08-28-2007, 06:09 PM   #30
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what is a house worth if there are no buyers? how is such a thing valued for, say, tax purposes?

when people talk (guess) about the "market coming back" in mid 2008, what is meant by "coming back"? i assume this does not mean that prices will suddenly spring up again. does this mean simply that people might start to buy again?

if the bubble pop lost 30% of supposed value, assuming a bottom, how long would it take to regain that value if the market ever came back again? five years, 10 years, never?
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Old 08-28-2007, 06:58 PM   #31
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For tax purposes I would think they use comp's in the area that have sold.
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Old 08-28-2007, 09:50 PM   #32
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For tax purposes I would think they use comp's in the area that have sold.
How come it isn't ok for financial type value to assets like bonds using a Mark to Model scheme, but it is ok for county appraiser to do the same thing for property taxes.

Is there a difference I am missing?
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Old 08-28-2007, 10:29 PM   #33
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clifp, what's going on in Florida is something that no one can explain. The county appraiser's here have a license to to rob the public. It's so screwed up that I don't know if it will ever be corrected. The folk's in my neighborhood all received their property statements this week and everyone is all over the place with taxes. Some went down and some went up and no one knows what to make of it.

Next year there will be a vote on Jan 29 to make it a even playing field but most folks don't understand it and I don't know if it will pass. If it passes you'll have to make a choice to keep the save our homes option or take a super exemption. In my case I would opt for the super exemption because I just homesteaded this year and my taxes are very high. Folks who are in their homes for lets say 4 years or more would most likely chose to keep the save our homes option. Very confusing but something has to be done.
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Old 08-28-2007, 11:02 PM   #34
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didn't florida pass this last year?

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Proposes an amendment to Section 5 of Article XI of the State Constitution to require that any proposed amendment to or revision of the State Constitution, whether proposed by the Legislature, by initiative, or by any other method, must be approved by at least 60 percent of the voters of the state voting on the measure, rather than by a simple majority. This proposed amendment would not change the current requirement that a proposed constitutional amendment imposing a new state tax or fee be approved by at least 2/3 of the voters of the state voting in the election in which such an amendment is considered.


if so than the january 2008 homestead changes might not get the votes, don't even know if it would get a slim majority.

this was nothing more than an opportunity for chuck crist to beat his chest. it does nothing for second homeowners, does nothing for out of state owners, does nothing for commercial property, does practically nothing for houses valued at over $500k. all it does is possibly help some folks (for a limited amount of time) who timed their purchases with the height of the bubble.

in reality, this was just a lame way to get around portability of save our homes which the citizens wanted and for which i am certain they would have voted (that and some help for the others who are so heavily taxed). under superhomestead, if someone downsizes under that $300k mark like to $150k (lots for sale in that market, huh?) they get some small help for just a few years. it screws absolutely everyone who plans to stay in their house more than 20 years if they do not already have save our homes.

because i could buy a cheapo $150k 1/1 condo on or near beach down the line if i choose while only having my taxes double and because i'm not planning to stick around another 20 years, i will vote for it but i don't like it one bit.
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Old 08-28-2007, 11:23 PM   #35
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I don't see why anyone wouldn't vote for it. The folks with SOH's will still get to keep it and the newbies will take the super exemption. It doesn't really hurt anyone, at least not yet. One thing is for sure about taxes, we will always have to pay them. I would just like to see everyone pay their fair share. The taxes in Florida must be adjusted but we will see what happens.

The vote is next Jan 29th.
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Old 08-29-2007, 12:16 AM   #36
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when people talk (guess) about the "market coming back" in mid 2008, what is meant by "coming back"? i assume this does not mean that prices will suddenly spring up again. does this mean simply that people might start to buy again?

if the bubble pop lost 30% of supposed value, assuming a bottom, how long would it take to regain that value if the market ever came back again? five years, 10 years, never?
It "depends". Depends on how fast the prices appreciated to the top, how far they overshot 'affordability', what the local/regional economy is like, etc. Data shows that prices in Canada's 2 largest cities (Toronto and Vancouver) took over 10 years to recover from late '80s/early 90's bubbles.

I suspect the impacts will be quite regionalized in the USA although the chart on CNN Money today (28th) on percentage of subprime mortgages state by state are surprisingly spread out across the nation.
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Old 08-29-2007, 08:57 AM   #37
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It "depends". Depends on how fast the prices appreciated to the top, how far they overshot 'affordability', what the local/regional economy is like, etc. Data shows that prices in Canada's 2 largest cities (Toronto and Vancouver) took over 10 years to recover from late '80s/early 90's bubbles.

I suspect the impacts will be quite regionalized in the USA although the chart on CNN Money today (28th) on percentage of subprime mortgages state by state are surprisingly spread out across the nation.
Somehow I can't help but think that this whole housing crunch is artificial. If subprime mortgages are spread out across the nation, why are the effects of this crunch on the housing market so regionalized? Somebody is making money off of this, though I am not sure who or how.
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Old 08-29-2007, 08:59 AM   #38
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Hooray! Wipes the equity right away.
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Old 08-29-2007, 09:05 AM   #39
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It is regionalized because the size of the problem is most acute in those areas that had rapid price escalation. Both the number and size of the subprime mortgages contribute to the scale and degree of delinquency and hence foreclosures.

Who made money? How about all the commissioned salespeople writing mortgages, and executives with bonuses who got compensated on the value of mortgages written? You may, or may not, wish to believe this story.....

http://www.nytimes.com/2007/08/26/bu...gewanted=print
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Old 08-29-2007, 09:59 AM   #40
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The tax situation in Florida is so confusing .I am homesteaded and bought before the prices rose so my taxes are $5,000 on a $800,000 house .If I elect to stay with the save our homes benefit it's fine as long as I stay in this house .The problem is I'm thinking about selling and buying a less expensive house but my taxes would be the same unless I had the super exemption .So how are they going to handle issues like these . As Lazy says the
save our homes portability would have passed but this is just too confusing .
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