Case-Shiller House Prices Flat in October
Submitted by
CalculatedRisk on Tue, 12/29/2009 - 6:12am (10 comments)
in
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Lots of metrics and expertise in and around the CS, which nevertheless remains months behind the actual RE price collapse, for example, this La Jolla condo for $15,000, just $27/sf.:
5427 La Jolla Blvd #2, La Jolla, CA 92037
And that's with three month averaging?
Doesn't that make it especially likely that next month's number is down?
It's always darkest just before the dawn of truth.
S&P | Case-Shiller | United States
October 2009October/SeptemberSeptember/AugustMetropolitan AreaLevelChange (%)Change (%)1-Year Change (%)
Atlanta110.12-1.0%0.0%-8.1%
Boston154.70-0.6%-0.2%-2.8%
Charlotte119.05-0.7%-0.7%-7.0%
Chicago130.78-1.0%1.2%-10.1%
Cleveland104.97-0.7%-1.6%-3.5%
Dallas119.90-0.6%-0.7%-0.6%
Denver128.91-0.4%-0.5%-0.1%
Detroit73.070.2%1.8%-15.1%
Las Vegas104.70-0.1%-0.9%-26.6%
Los Angeles168.430.3%0.8%-6.3%
Miami149.09-0.4%0.5%-14.0%
Minneapolis124.51-0.5%1.9%-8.4%
New York175.010.0%-0.1%-7.7%
Phoenix110.711.3%0.8%-18.1%
Portland149.880.1%-0.5%-9.9%
San Diego155.370.4%0.9%-2.4%
San Francisco135.811.2%1.3%-2.6%
Seattle149.260.2%-0.4%-12.4%
Tampa140.27-1.6%-0.6%-15.2%
Washington179.71-0.4%0.5%-2.8%
Composite-10158.820.0%0.5%-6.4%
Composite-20146.580.0%0.4%-7.3%
Hopefully, the buyer will get a new assessment. Tax (2008) $4,925.
Hopefully, the buyer will get a new assessment. Tax (2008) $4,925.
In the San Jose Mercury last week, there was a front page article about how the county is two year's behind in doing tax reassessments on residential housing. The county tax assessor blamed it on a 4x increase in assessments (12k from 3k) and a 50% cut in his staff due to budget cuts.
No surprises here. Boston's 400K+ been sliding for the last two months. This is putting mucho pressure on those poor sods who bought "starter" homes. I hope they like those houses, they'll be in there for at least a decade IMHO.
daveinsv wrote:
Elementary questions, sorry I have not been paying adequate attention: in the US do these county assessors work off of state rates, and then adjust to local needs on top of that?
How whimsical, idiosyncratic, or however you call it, is the assessment of the taxable value of real property anyway?
Does property zoned ag offer any respite?
And if values tank, while funding requirements stay the same (or soar), who's to say practically what's in the offing tax wise for any purchase?
So if one were to consider buying property in the US, how would one even begin to budget for state and local taxes?
I'm obviously in need of a primer. If there is any on line resource available someone could point me toward, I'd appreciate it.
tia for any guidance here.
wow, stuffed
guess all will remain mysterious . . .