If your house lost 35% Value Where would you be?

originally posted by: BlueJacket
Well, that isn’t what just happened in Ohio… everyone’s taxable value just jumped big time, mine went up 20% ! a month ago.

The same thing just happened here in Illinois, too. The (Democrat) Illinois government said the value of mine and every other single house in the county where I live (presumably all the other counties as well) went up and raised the taxes accordingly. Now, I'm paying right at 50% more in taxes for it. It stinks and Illinois sucks! Prove me wrong. (Don't waste your time - you can't.)

a reply to: JAGStorm

We'll be alright here, but I really am worried about those who won't be.

a reply to: JAGStorm

Sounds like prices then will return to pre-plandemic days. I was looking at house prices in my area in 2018, saw some for sale in very nice neighbourhoods at around 250k. Houses in rural areas or lower end homes were around 100-120k.

Now when I look, same state, same city. Houses in rural areas and lower end homes are 250k!
Basically they have doubled in price in just 5 years.

Don't sell. Wait out the storm.

a reply to: JAGStorm

originally posted by: DeathSlayer
Don't sell. Wait out the storm.

a reply to: JAGStorm

Of course of course, but there will be people that have no choice!

originally posted by: Montana
Those of us who didn't go all stupid and spend 750k for a 250k house will just shrug and get on with our lives. Others will learn a valuable life lesson.

While visiting there this past Spring, I was amazed how much San Diego homes cost that are just average size.

Home values don't matter unless you are trying to sell (or buying).

originally posted by: Edumakated
Home values don't matter unless you are trying to sell (or buying).

Respectfully, I have to disagree with you on that point. I'm not trying to buy a house nor sell mine and Illinois unilaterally raised the value of my home, because.... And now I have to pay almost 50% more for my "property" taxes.

Home values certainly matter to Illinois, if they can find a way to get more money out of me.

originally posted by: TrulyColorBlind

originally posted by: Edumakated
Home values don't matter unless you are trying to sell (or buying).

Respectfully, I have to disagree with you on that point. I'm not trying to buy a house nor sell mine and Illinois unilaterally raised the value of my home, because.... And now I have to pay almost 50% more for my "property" taxes.

Home values certainly matter to Illinois, if they can find a way to get more money out of me.

Isn't it hysterical, how those that benefit from a higher value of your home, say your home is worth more so they can raise your taxes and pay them more? No corruption at all there.

originally posted by: ancientlight
Isn't it hysterical, how those that benefit from a higher value of your home, say your home is worth more so they can raise your taxes and pay them more? No corruption at all there.

That's exactly what is going on!

NVM

a reply to: JAGStorm

I'm still interested in reading this. I am a house owner.

Who says our homes will drop 30-40% in value? When? This is really scary # to not have a link for two pages now.

Link pretty please.

I have never owned a home yet. Can you explain this to me? How would losing value in your home put you underwater? You still own a home and would not need to pay rent. Would it not also mean your mortgage payments and property taxes would go down?

Maybe you could be stuck paying mortgage on the higher amount? But that means things stayed the same, not gotten worse?

originally posted by: Mahogany
a reply to: JAGStorm

I'm still interested in reading this. I am a house owner.

Who says our homes will drop 30-40% in value? When? This is really scary # to not have a link for two pages now.

Link pretty please.

investorplace.com...

Instead, we’re dealing with new circumstances and a host of data related to what is a different market. That said, there are some clear signs pointing to the idea that the housing market will crash in 2024. Most economists expect a recession of some magnitude to occur. The issue is timing it could be late this year or perhaps by the middle of next year. Whatever the case, job losses will ensue and that will trigger defaults that have every bit of potential to trigger a housing crash.

finance.yahoo.com...

Airbnb to lead real estate market crash," he said in a recent post on X, formerly Twitter. While a crash in real estate prices can be devastating for homeowners, Kiyosaki believes that it could be an opportunity for potential buyers.

With all that said. Keep in mind this is all speculation, and people’s opinion until it actually happens. One thing that I noticed is that this feels very 2008ish. No two recessions or crashes are the same, but some of the elements are.
One of the things I vividly remember about 2008 is that for every article there was about housing crashing, there were equal numbers about it not. It wasn’t until the mass layoff then things happened very quickly. We are seeing a little bit of that now.

Also I’m seeing some foreclosures already in my area. I also noticed the few houses for sale aren’t moving. Most people probably can’t afford the high cost with high mortgage and high rates. There is only a limited number of people in any state that can afford certain amounts per month. All this information is usually available if you look it up.

originally posted by: JAGStorm
And Drumroll………..Who will be there like hungry sharks smelling 🩸 in the water????
The rich of course…

I'm not rich, but I'm fairly smart about my money, and I'll be there like a hungry shark to gobble up as many good deals as I can - if this happens. Some say it will (whose opinions I respect), and some say not (whose opinions I also respect)...

Time will tell.

It would put me 80% or so higher than 5 years ago so I could settle for that. Prices are crazy now. I live on Lake Michigan and short term rentals are taking everything under $400k within days of listing. My house 4 br finished basement and 4 car garage with a bathroom they would put a dozen or so people in it. $2500 a week walk t 3 microbrewery's and the beach.

originally posted by: Mahogany
a reply to: JAGStorm

I'm still interested in reading this. I am a house owner.

Who says our homes will drop 30-40% in value? When? This is really scary # to not have a link for two pages now.

Link pretty please.

Sure, here ya go: The Internet

a reply to: JAGStorm

been through a 50% decline when soros took down the bank of England to super charge our recession. it took 20 years to rebuild what that cost me,.

the decline is not the worry the real worry i can hit 75% this is still my home, the worry is how much I can afford the interest rates to be.. in the 90s my payments where equal to a 1.5 wages, some ended up equal to 2 peoples wages, thats drowning. where both working 2 jobs isn't enough, where 4 jobs and renting out rooms is not enough..

originally posted by: darkbake
How would losing value in your home put you underwater?

Finding yourself in a situation where you owe more with your mortgage than the home is worth if you were to sell it is called being underwater with respect to your mortgage..

rent. Would it not also mean your mortgage payments and property taxes would go down?

Mortgage payments?!? What on earth would make you think that??? Taxes should go down, theoretically, but they generally foight tooth and nail, and will never reduce them to where they should be.

Maybe you could be stuck paying mortgage on the higher amount? But that means things stayed the same, not gotten worse?

As long as nothing happens that forces you into a position of needing to sell - like job loss, etc...

originally posted by: Mahogany
a reply to: JAGStorm

I'm still interested in reading this. I am a house owner.

Who says our homes will drop 30-40% in value? When? This is really scary # to not have a link for two pages now.

Link pretty please.

they've been pushing those numbers in the uk for 7 years.. the next bump will see 30-50% its why some called it project fear, these kinds of numbers are psychological warfare designed to scare and demoralise..