Tuesday, August 05, 2008

Trading Spaces


Source: HousingTracker

14 comments:

Buying Time said...

A beautiful site to behold. Almost brings a tear to my eye.

Affordable homes in California.

Jacob said...

Nice. Now how much longer until that 150 is the median...

norcaljeff said...

Let's wait til 99th percentile. When Merrill Lynch is selling mortgages at 22 cents on the dollar, RE is still overpriced.

Jacob said...

I'm wondering how I can buy mortgages for 22 cents on the dollar, not too many, just one would be fine...

Evin said...

tsk tsk, now you guys just sound greedy.

sacramentia said...

how I can buy mortgages for 22 cents on the dollar

no kidding...I'd gladly pay 22cents on the dollar for my mortgage.

Jacob said...

tsk tsk, now you guys just sound greedy.

No more so then people on the way up.

Prices are fine for me now. So I just want to get to the bottom. And more declines are just icing.

Rob Dawg said...

I'd have to cash in a CD but I'll write a check right now for my mortgage @22¢. Effective yield in excess of 24%.

Property Tax Man said...

How come the housing properties have dropped over 40% in the Sacramento area yet the assessor drops the assessment by less than 13%. Why aren't homeowner pissed off about paying thousands extra
http://propertytaxvalue.blogspot.com/

Deflationary Jane said...

Because most people bought long ago and their assesments only went up 2% a year. You want control on the way up but a freefall on the way down? I don't think it works that way.

sacramentia said...

Property tax man. I spent some time with the assessor working on getting my tax bill reduced. The assessor was logical and happy to talk at length about the process. In a nutshell the rules were:

- value as of Jan 1 2008
- use comps that closed by 3/30/08
- no distressed sales

I purchased in Aug 06 and my reduction was 12.7% for the current tax year. I thought the no distressed sales rule is ridiculous, but all in all it was probably a fair appraisal.

The appraiser even acknowledged that next year it will probably fall again.

Patient Renter said...

I thought the no distressed sales rule is ridiculous

I'd agree. When so much of the market is distressed, you can't just ignore it and pretend like it doesn't effect property values.

Jacob said...

You can if it will effect how much tax $$ you collect.

norcaljeff said...

Jacob, if you're buddies with Merrill Lynch's CEO, or another big bank, I'm sure they'll hook you up :) The rest of us are left holding the stinky bag of dog crap.