FARK.com: (6781316) Home prices decline again, now back to 2003 levels. In other news, home buyers' purchasing power still at 1903 level

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		Home prices decline again, now back to 2003 levels. In other news, home buyers' purchasing power still at 1903 level (csmonitor.com)		13
		More: Interesting, home price, purchasing power, adjusted basis, Robert Shiller, Conference Board, Federal Housing Finance Agency, consumer sentiment, CoreLogic

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517 clicks; posted to Business » on 02 Dec 2011 at 11:17 AM | Favorite | share:

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13 Comments (+0 »)

TrainingWheelsNeeded

2011-12-02 11:20:28 AM

good, soon nowhere to go but up!

/fingers crossed
//I want to believe

AcneVulgaris

2011-12-02 11:23:48 AM

I was looking to buy in 2003, and houses were overpriced even then.

Call me when they hit 1997 prices.

Cinaed

2011-12-02 11:26:28 AM

So... we're only running 9 years behind in terms of value instead of 10.

Sounds like we went from a D- to a D+.

/every little bit helps

Huttah!

2011-12-02 11:42:52 AM

So I assume this means that property taxes will follow suite?

City, "Your house is taxed at a value of $250K"

Home owner, "Uh, if you can find anyone to buy my house at that price than sure"

City, "LALALALALANOTLISTENINGLALALA"

Sun Worshiping Dog Launcher

2011-12-02 12:42:03 PM

TrainingWheelsNeeded: good, soon nowhere to go but up!

/fingers crossed
//I want to believe

Soon? I hope so, but I think it'll be later rather than sooner. When things do start to go up, it'll likely be very slow to do so as well. There is still so much wrong with...everything right now. We've got alot more shiat to sort through before housing turns around.

mainstreet62

2011-12-02 01:00:20 PM

Huttah!: So I assume this means that property taxes will follow suite?

City, "Your house is taxed at a value of $250K"

Home owner, "Uh, if you can find anyone to buy my house at that price than sure"

City, "LALALALALANOTLISTENINGLALALA"

That's not exactly how it works. In the suburbs of NYC at least, taxes are assessed based on some value that's well below the house's actual value.

Huttah!

2011-12-02 01:44:41 PM

mainstreet62: Huttah!: So I assume this means that property taxes will follow suite?

City, "Your house is taxed at a value of $250K"

Home owner, "Uh, if you can find anyone to buy my house at that price than sure"

City, "LALALALALANOTLISTENINGLALALA"

That's not exactly how it works. In the suburbs of NYC at least, taxes are assessed based on some value that's well below the house's actual value.

That sounds like a better way to handle it. Wish it were the case in my neck of the woods.

natazha

2011-12-02 02:53:15 PM

Huttah!: So I assume this means that property taxes will follow suite?

All you have to do is apply for an adjustment. Took my new place down from $280K to $159K. Plus, the last year it dropped another $16K. Taxes are down to $2300 from $3600. Nice part of it - when the value goes back up, they can only increase it 3% a year and that's from the lowest number.

Fark_Guy_Rob

2011-12-02 04:25:47 PM

natazha: Huttah!: So I assume this means that property taxes will follow suite?

All you have to do is apply for an adjustment. Took my new place down from $280K to $159K. Plus, the last year it dropped another $16K. Taxes are down to $2300 from $3600. Nice part of it - when the value goes back up, they can only increase it 3% a year and that's from the lowest number.

It depends a lot on your jurisdiction. A lot of local governments are voluntarily decreasing the property value and increasing the mill levy (though, I assume it's in places without the 3% increase cap).

Essentially, everyone gets their notice of valuation and it says 'Your house is only worth 159k....but your taxes are still $3600' and there isn't anything the homeowners can do. They can only appeal the valuation and since everyone's value dropped at a relatively equal rate, and since the local government still wants to spend that same amount of money, they just go ahead and do it.

Geotpf

2011-12-02 04:48:26 PM

Well, I paid $150k in 2009 for a house that sold for $400k in 2005, so...

exvaxman

2011-12-02 05:33:08 PM

Huttah!: Wish it were the case in my neck of the woods.

Going back many years. We moved to SC. The federal government stepped in and required large portions of the state to be appraised - apparently a real appraisal had not been done since the 1950's. People were a) shocked that they were considered millionaires b) forced to sell to pay taxes. I had just bought my place and got a tax bill stating that it was worth over 4X what I paid for it. I had to take a day off of work to go deal with a (admittedly nice guy) who saw my paperwork from the month before they sent out the re-appraisal statement and he jumped through hoops to make things match. He did tell me I got one heck of a deal (DUH!)

To be honest, a few years later sold it for that 4X, saw it on the market for triple that figure five years ago, and now it is back down to a little more than we paid for it - with a second floor and a four car garage added. Someone took a bath.

rikkards

2011-12-03 06:50:03 AM

Huttah!: mainstreet62: Huttah!: So I assume this means that property taxes will follow suite?

City, "Your house is taxed at a value of $250K"

Home owner, "Uh, if you can find anyone to buy my house at that price than sure"

City, "LALALALALANOTLISTENINGLALALA"

That's not exactly how it works. In the suburbs of NYC at least, taxes are assessed based on some value that's well below the house's actual value.

That sounds like a better way to handle it. Wish it were the case in my neck of the woods.
Same here. Our place was assessed at around 220k, we paid 245k but someone in an identical place down the road sold for about 280

hej

2011-12-03 09:42:48 AM

Fortunately, my house was already worthless when I bought it.

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