said by Kibbles:said by FutureMon:The company that handles the sale of much of the real estate in my area seems to think that over the next 24 months, based on their knowledge of the local market and their recent activity, it's either going to stay about where it is, or get worse. It will not get better.
Why couldn't we have something in place that could protect homeowners that aren't in default - or at least segregate
A Realtor that specializes in this area e-mailed me the same opinion that prices will stay the same or even drop...I read that the prices are expected to drop a total of 7% over the next 2 years...yikes...there goes ~ 50k.
With the amount of Foreclosures,dropping prices,..you can use those as comps and ask for a reduced property assessment...thus reducing your property taxes.
The question I have is where the rental/lease prices will go...up or down?
I was thinking that a lot of Foreclosures could be avoided by leasing the house out...the owner could be taking a small loss per month..but they could be able to keep it long enough to sell it when the prices rise.
Too bad there is no state/federal program that could help a homeowner stay out of a Foreclosure.
In a declining market, rents typically go down, because of the increased supply in rental units. Secondly most people don't have enough money to carry a second residence without relying on MEW, and most rentals don't cash flow above $200/sqft
