The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: techanalyst1 who wrote (12437)	8/16/2003 11:13:03 AM
From: Jim McMannis	Read Replies (1) of 306849

RE:"I think housing prices would collapse under a sudden increase of that magnitude with owners who are sitting on equity having to sell because they can't afford the taxes." After reading about the gross imbalances in property taxation in California (much worse than I'd imagined) and...if there is any chance of a repeal of prop 13...I'd put my house up for sale today and get the H out of Dodge to another State as soon as possible. The scary thing is that we have the same thing going on here in Florida with the "save our homes" law. As pointed out before...tax cuts are ultimately inflationary. With all the tax cuts RE gets now it's about 40-50% overvalued vs. the rate of increase in GNP. In California where prop 13 has had 26 years to work it's "magic", one has to shudder at the fall-out of eliminating such a prop-up mechanism. How they would ever get this passed in California remains to be seen. Jim

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