Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: valueminded who wrote (55316)	8/24/2006 7:59:41 PM
From: regli	Read Replies (2) of 116555

This is another key reason why we will see even more distress. A lot of the bubble implications have a delay fuse: news-press.com "... Because most property owners will be seeing their values rise, Lee Property Appraiser Ken Wilkinson is anticipating confusion and a lot more phone calls than normal. "People live in today, and people read in the press that the market is going down, and we know that the market has softened, but these values are based on Jan. 1, 2006, using the sales in 2005," Wilkinson said. "This year's values won't be used until next year." The median price of a house sold with the assistance of a Realtor dropped 8 percent in July to $264,600 from $287,500 a year ago and the number of homes sold dropped 32 percent, from 1,026 to 694. But the value changes that owners will see on their notice will be based on overall taxable property values shooting up 39.7 percent. The total taxable value in Lee increased from $64 billion to $89.4 billion. These are record increases for Lee, so most notices will show a significant value increase. ..."

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