Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (6076)	10/17/2002 4:23:03 PM
From: Lizzie Tudor	Respond to of 306849

but what if your place loses 30% of value? will they step down your taxes 30%? Apparently they will reassess downward. Its not automatic of course! You have to go down and file, and then they do the comps on the area and your taxes are lowered to match the comps, as if you bought the house then. The problem- as is evident from reading this thread- is the comps don't really show the accurate price of homes in a declining mkt. People pull their homes off the mkt rather than sell them- in fact the comps for Noe Valley don't even indicate a 10% decline in home values yet from the peak. well, at least you bought something real. though the house has depreciated, i imagine the bubble stock has done a lot worse, in which case not a bad trade after all... Oh man, definitely. At the time I was sweating about selling out of aol at 25% off peak following the time warner merger. I suspect Austin RE will be a phenomenal investment if you can time it right- when I was there (97/98), RE and salaries were some of the cheapest in Texas. Thats going to change, imo as more tech companies co-locate there from here. Its a great place to live, the only negative is the weather. L

To: Wyätt Gwyön who wrote (6076)	10/17/2002 9:13:22 PM
From: XBrit	Read Replies (1) \| Respond to of 306849

<<people just living on savings and unemployment>> The stories in the Bay Area are amazing. Last night I was volunteering on the phones for the KQED-FM pledge drive, the woman next to me had another of the stories... in 2000 she was an admin assistant, he was a recruiter, they were pulling in $200k/yr between them. Now he's working for waiters-on-wheels, she's working part-time delivering flowers, they've lost their house and their investments were all stuff like CSCO bought at bubble prices. Early 50's, I dunno how they'll recover. Heard two or 3 others this week with similar themes. Its a tragedy, because for the most part these are sensible, prudent people who've just got torn to shreads by forces beyond their understanding.