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

To: Jim McMannis who wrote (12447)	8/16/2003 12:29:50 PM
From: Lizzie Tudor	Respond to of 306849

Nobody wants their home value to drop but it can happen for a number of reasons, costs of doing business here for one, CA BK also could be damaging. I am a homeowner and I overpaid for my houses in 2000. But I knew even then that CA RE is skewed against me (a new buyer) due to this law. As a rational investor I want this law gone to support true RE value, which imo will always be high in CA, but not like this which is damaging to the state benefitting the few at the expense of the many. There are a number of ways to handle the unwinding of this law without making the whole system collapse. I would start with absentee landlords. Just get rid of the freeze for anybody not living in their house. You might get that one through with the voters even, I'll bet many of these people don't even vote in the state! Or, do a two-pronged law. Those of you that bought your house in the last 8 years get a 20% prop tax REDUCTION, while the longtime owners get a reassess. Then you get the new buyers against the freeloaders. Lots of options here.