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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (23484)2/13/2005 8:33:46 PM
From: Elroy Jetson   of 116555
 
Whether you can purchase property tax liens and the rules applicable for doing so vary not only from state to state but also county to county. It would certainly behoove anyone interested in investing in tax liens to become acquainted with all of the applicable laws.

From another perspective, I would be very interested in learning what the property tax delinquency rate is in Los Angeles County. I'm really surprised by the number of well paid people who have told me they have postponed paying their property taxes as a way to make ends meet until their next refinancing. This is really startling as the penalties for not paying on time make credit cards look cheap by comparison.

Even my business partner's ex-wife has stopped paying the property tax on the home she received in the divorce settlement. She gets $13k each month tax free in alimony and child support and she is just simply out of money.

It appears that a large percentage of people have become accustomed to living on 150% of their income, with cash-out home refinancing making up the overage. As appreciation has slowed and rates no longer declining, it's a rough adjustment back to living on only 100% of the family income. That adjustment will be equally rough on businesses dependent upon consumer spending.
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