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

To: Les H who wrote (6575)	11/5/2002 9:02:01 AM
From: James F. Hopkins	Respond to of 306849

Les; I'll be at a Property TAX Auction this Morn. at 10am Texas time, Have looked at over 50 , will "maybe" bid on 8, but I won't be bidding over 20% of appraised value. If I don't buy anything I'll get an idea of what the "real" market value is. R.E. market; is and has switched from sellers market to buyers market. County has a lot of stuff on the books "not paying taxes". They've kept it on the books for years to make the "balance sheet" look better than it is, but are now facing a cash crunch. Being I've had my fingers into this Property Tax thingy for over a year; I've learned to see the ear marks of Local Government's creative accounting..they are just as bad as the corporations. The ear marks indicate that what's going on here is also wide spread. "Remember Orange County"..? well we aren't taht bad off but not a long way from it. Jim