You will own nothing, but you sure in the hell are not going to be happy

I have seen this happen to neighbors, and due to suburban encroachment. And this in right around the corner from happening to me due to the ridiculous increase in the cost of housing in my area. They will tax you right out of your home.




And if you still have a mortgage with the bank, you get hit with a double whammy.




Or triple whammy.




If I am forced to sell I will likely have to leave the country. At least my pittance will take me a bit further in a third world country.

I''m just closing on a house along the Oregon coast.  2 miles from the beach.  I'm no millionaire.

Since we made an offer and they accepted, the value of the home has actually gone up by 60K.

It's nuts!

(04-23-2022, 03:10 AM)beez Wrote: I''m just closing on a house along the Oregon coast.  2 miles from the beach.  I'm no millionaire.

Since we made an offer and they accepted, the value of the home has actually gone up by 60K.

It's nuts!

Wait until you get hit with the taxes and the insurance.

I've lived in multiple US states over the years, one of them being famously taxy Illinois a long time ago in a galaxy far away. Using the fancy tool known as the "internet", I was able to find what the estimated yearly taxes were last year for a house I once lived in. 20k a year. Twenty-Thousand Dollars Per Year. Glad I no longer live anywhere near that state.
That's for a medium sized 2 story in a semi-rural fringe suburban area (when I lived there, it was surrounded by farms and quaint villages. It's probably changed a lot by now, I haven't been there in years) within a decent school district. Not a mansion or a huge piece of land, just a nice, good old fashioned house.
Unbelievable that anyone would be willing to pay that.

(04-23-2022, 09:38 PM)Servovenford Wrote: I've lived in multiple US states over the years, one of them being famously taxy Illinois a long time ago in a galaxy far away. Using the fancy tool known as the "internet", I was able to find what the estimated yearly taxes were last year for a house I once lived in. 20k a year. Twenty-Thousand Dollars Per Year. Glad I no longer live anywhere near that state.
That's for a medium sized 2 story in a semi-rural fringe suburban area (when I lived there, it was surrounded by farms and quaint villages. It's probably changed a lot by now, I haven't been there in years) within a decent school district. Not a mansion or a huge piece of land, just a nice, good old fashioned house.
Unbelievable that anyone would be willing to pay that.

I don't think it is a matter of being willing.

If they sell, they won't be able to find anything close by that is not even more expensive than what they sold for.

Leaving the area will only be a short reprieve, because even if you find something cheaper, it will not stay that way. It will just be a matter of time before they come for you again.

(04-23-2022, 09:46 PM)NightskyeB4Dawn Wrote:

(04-23-2022, 09:38 PM)Servovenford Wrote: I've lived in multiple US states over the years, one of them being famously taxy Illinois a long time ago in a galaxy far away. Using the fancy tool known as the "internet", I was able to find what the estimated yearly taxes were last year for a house I once lived in. 20k a year. Twenty-Thousand Dollars Per Year. Glad I no longer live anywhere near that state.
That's for a medium sized 2 story in a semi-rural fringe suburban area (when I lived there, it was surrounded by farms and quaint villages. It's probably changed a lot by now, I haven't been there in years) within a decent school district. Not a mansion or a huge piece of land, just a nice, good old fashioned house.
Unbelievable that anyone would be willing to pay that.

I don't think it is a matter of being willing.

If they sell, they won't be able to find anything close by that is not even more expensive than what they sold for.

Leaving the area will only be a short reprieve, because even if you find something cheaper, it will not stay that way. It will just be a matter of time before they come for you again.

This is very true. I saw it move north (the tax wave). As more people from Illinois moved to Wisconsin, the taxes in WI skyrocketed to absurd levels (as well as the house values). It got ridiculous. Related, the $ per mile in tolls there is absurd. They will take your house, and you can't drive anywhere either. Nice! (sarcasm)
IL and WI are, as far as I know, are still ranking amongst the top shelf of highest taxes in the US, but the tax inflation and highway robbery (no pun intended) is obviously not limited to that shelf. The lower tax states will catch up.

Slogan of the state -- "We're not happy until you're not happy."

Quote:“The more that investors buy up entire communities and turn them into rental communities — people don’t have a choice anymore,” said Ms. Hilton, who moved from New York to Charlotte in 2007, drawn by the opportunity to buy a house in an affordable market. “They either can’t afford to buy anymore, or there’s nothing to buy.”

A map compiled by Mecklenburg County, which includes Charlotte, shows a sea of dots signifying corporate ownership throughout the area; the exception is a pie slice-shaped segment extending out from downtown Charlotte — the historically whiter, wealthier neighborhoods often referred to as “the wedge.” More than 93 percent of homes purchased by corporations as of May 2021 were bought for under $300,000. Many of them were in predominantly Black neighborhoods.

But their share is growing: Real estate investors bought a record 18.4 percent of the homes that were sold in the United States in the fourth quarter of 2021, up from 12.6 percent a year earlier, according to the realty company Redfin.

And in some markets, especially in the relatively affordable Sun Belt metro areas, their share is far higher.

In Charlotte and Atlanta, investors purchased more than 30 percent of the homes sold in the fourth quarter of 2021, according to Redfin. In Jacksonville, Fla., Las Vegas, and Phoenix, they bought just under 30 percent.

With apartments in her neighborhood typically renting for $1,500 or more, Ms. Parker and other longtime homeowners worry that property tax increases will displace even more residents.
NY Times

Quote:BlackRock President: Get Used to Scarcity Inflation

Rob Kapito tells “a very entitled generation that has never had to sacrifice” that shortages will keep driving up prices.

BlackRock President Rob Kapito says “scarcity inflation” is driving the US economy, as shortages of workers, agricultural supplies, energy and housing are driving up prices.

At the meeting of the Texas Independent Producers and Royalty Owners Association, Kapito also had some choice words for millennials and Gen Xers coping with rising prices and shortages of essentials like housing and groceries.

Kapito didn’t specify which generation he was referencing, but his remarks in Texas drew a withering response on social media. Comments posted by millennials noted that younger workers emerged from the recession that followed the fiscal collapse in 2008 generally less well-off than previous generations at their age, facing higher debt.

Many of the comments accused BlackRock of contributing to the surge in home rental prices with investments in home purchases for a revived single-family rental portfolio, confusing the giant asset manager with a distant cousin it is no longer related to: Blackstone Group.

When BlackRock was launched as a fledgling risk management and bond analytics firm in 1988 by Kapito and Larry Fink, it was called Blackstone Financial Management and was seeded by Blackstone founders Steve Schwarzman and Pete Peterson.

The partnership split up in 1994, with Kapito and Fink forming their own company. In what he later called one of the worst decisions of his life, Schwarzman agreed to let Kapito and Fink call their new entity BlackRock. What followed were more than 25 years of incorrect headlines in business publications attributing actions taken by the Blackstone Group to BlackRock, which no longer has a stake in Blackstone.

Blackstone Group, now one of the world’s largest alternative investment firms with an estimated $880 billion in holdings, has been an active player in the SFR market.

Blackstone Group was a prime backer of Invitation Homes, the largest US player in the SFR sector with 80,000 homes for lease, until it sold its shares in 2019.

Blackstone dipped a toe back into the SFR market with a $240-million investment in Tricon Residential, a Toronto-based company that buys single-family rentals. Last summer, Blackstone jumped back into the rental market with both feet with a $6-billion acquisition of Home Partners of America, which owns 17,000 houses in the US and specializes in rent-to-buy.

Quote:What home prices will look like in 2023, according to Zillow’s revised downward forecast (April 21, 2022)

There's no doubt about it: Soaring mortgage rates are an economic shock to the U.S. housing market. Over the past month alone, the average 30-year fixed mortgage rate has spiked from 3.11% to 5.11%. It's both pricing out some stretched homebuyers and causing some would-be borrowers to lose their mortgage eligibility.

Now, real estate researchers are dialing down their home price forecasts. On Wednesday, Zillow researchers released a revised forecast, predicting that U.S. home prices would rise 14.9% between March 2022 and March 2023. That's down 2.9 percentage points from last month, when Zillow said home prices would shoot up 17.8% over the coming year.

Both homebuyers and home sellers alike might want to take housing forecasts with a grain of salt. Look no further than the housing forecasts published during the COVID-19 recession. In the spring of 2020, both Zillow and CoreLogic published economic models predicting that U.S. home prices would fall by spring 2021. That price drop never came. Instead, the housing market went on a historic run that continues to today.

Quote:Fannie Mae: A recession is likely in 2023, but the hot housing market should cushion the blow (April 22, 2022)

Banks and investors are all warning that the likelihood of a recession is growing. The only question is, how bad will it be?

The biggest fears are that a contraction in 2023 might match the impact of the Great Recession. But this isn’t 2008, and there is one crucial economic metric that could prove to be the difference-maker between a severe recession and a moderate one: the red-hot U.S. housing market.

In its latest economic and housing outlook report, mortgage giant Fannie Mae concedes that a “soft landing” for the economy—wherein inflation dissipates without forcing a significant decline in economic activity—is now doubtful. But because of the housing market, a “modest recession” will likely be on the cards for the latter half of 2023.

This deceleration of prices will likely lead to a slowdown in activity—there is already some evidence of home prices cooling—but it likely won’t be enough to see the housing market contract and crash as it did in 2008.

Back in 2008 we weren't going through a globalist global revolution like we are today.

Homestead exemption applies to those who’ve reached age 62 or on disability SSI.  Means no property tax owed by you.   Ever!

Our house is paid off.  All we have is our taxes to pay, which should not be a problem.  Once your house is paid off, you do not need house insurance but it is still advisable to have liability coverage to cover your property...which is not that expensive.  You need insurance for a loan on the house so dropping that is not an option, even if you just owe two thousand on your home.

Our property has enough trees to use for firewood for about five years of heating the home.  That does not mean I am going to cut them down though, I will leave them there for emergencies...I can buy firewood to burn for now, this summer I should buy a truck of hardwood logs and stock up wood for emergencies, that will last probably five years of partial burning.  We do have campfires in the summer too and cook over campfires.  This ability is good for security. 

I have a well for water, this requires electricity to pump water, but we have no water bill and the septic tank needs to be pumped about once every five years...one two hundred dollar bill for five years is way cheaper than paying forty bucks a month for city sewer.  So this will not drive us into needing to take out a mortgage.

I do not believe in the medical industry anymore, there is too much deception going on with it.  I will go to a doctor if I break something or need stitches or have a serious infection, but will never get dependent on them and pharma companies for long term medicines or tests that are not necessary or medicare approved.  Because they can put a lean on your property too.  We plan on giving half of our savings to the medical industry before we die, but both the wife and I are not interested in all the tests they are saying are necessary....when you are over sixty five, why worry about cholesterol if you have had no symptoms of disease before that.  I did not work hard all my working days to give the money to the hospitals and Pharma companies if I don't have to....that is why I study food chemistry, genetics, and also hack pharma drug chemistry to find natural ways to keep from getting sick in the first place.

My house is not worth a penny, I will hand it down to my kids who will not be able to sell it out of the family for one generation and if they do buy each other out, they are limited to no more than twenty five grand a share...making the house worth only fifty grand...none of my offspring will be more than fifty grand in debt to own it, it is worth around two hundred sixty grand right now.  I don't want anyone to have to go into severe debt to live in a house I built.

Along with the house comes all of the tools, enough to start a small construction company and a mechanics garage.

You guys, make sure to stock some oil for your vehicles...go out and buy a few oil changes of it before prices go way up.  Stock up on food so you can survive for three months...use that as a buffer in case prices surge or availability goes down.  We do not have to worry about stocking up for the world ending...if it ends, we cannot live in space.  If there is a nuclear war...might be better off if the bomb just vaporizes us instead of landing a hundred miles away and destroying us slowly.

If things go south and you owe a lot on your house, so what if they take it...those who owe fifty grand on a house worth two hundred grand will be worse off losing it.  so it is either pay it off or owe a lot and we will not risk losing it.

We do not own our houses anyway, if you don't pay your taxes it goes to the government or the bank takes it before that point if you owe money on it.  I own my house and don't owe any money on it, but in reality It is not mine...it is the governments property that I lease from them.

We actually do not own anything in this world but that does not stop people from believing they do.  We have two cats...who owns who.  We are their servants, we don't own them.  They have brainwashed us to believe they are our cats through purring techniques.

(04-24-2022, 06:38 PM)DaphneApollo2 Wrote: Homestead exemption applies to those who’ve reached age 62 or on disability SSI.  Means no property tax owed by you.   Ever!

In many places homestead exemption does not mean you will not have to pay taxes. In many places you just get a discount, on how much you pay, but you still have to pay taxes. And if you don't pay taxes, they "will" take your property.

(04-24-2022, 06:38 PM)DaphneApollo2 Wrote: Homestead exemption applies to those who’ve reached age 62 or on disability SSI.  Means no property tax owed by you.   Ever!

Tell me more - 'coz they're still taxing the ass off of me.

.

What States do you both live in?

I live in MS in the south.  Look up Homestead Exemption for your region.

And please pay your house off as soon as possible,  it helps if you own your home.  I do, I hate mortgages, credit cards debt of any kind.  

 @Ninurta you said your house is paid for look into it.

(04-24-2022, 07:40 PM)DaphneApollo2 Wrote: What States do you both live in?

I live in MS in the south.  Look up Homestead Exemption for your region.

I have had a homestead exemption in Florida for years. The exemption reduces the value of your property by $50,000.00. You can get and additional $25,000.00 off after age 65, if you have a household income of less than $30,000.00 a year. You still pay taxes on the adjusted value.

In Florida:

Quote:If the assessed value of your property is $50,000 or less, there will be no change in the exemptions for your property. If the assessed value of your property is greater than $50,000, you will receive up to $25,000 for the extra homestead exemption.

If my house is valued at $400,000.00, I get taxed on $350,000.00.

When they inflated the value of my home to $800,000.00, I get taxed on $750,000.00.

There exemption becomes useless.

(04-24-2022, 07:56 PM)NightskyeB4Dawn Wrote:

(04-24-2022, 07:40 PM)DaphneApollo2 Wrote: What States do you both live in?

I live in MS in the south.  Look up Homestead Exemption for your region.

I have had a homestead exemption in Florida for years. The exemption reduces the value of your property by $50,000.00. You can get and additional $25,000.00 off after age 65, if you have a household income of less than $30,000.00 a year. You still pay taxes on the adjusted value.

In Florida:

Quote:If the assessed value of your property is $50,000 or less, there will be no change in the exemptions for your property. If the assessed value of your property is greater than $50,000, you will receive up to $25,000 for the extra homestead exemption.

If my house is valued at $400,000.00, I get taxed on $350,000.00.

When they inflated the value of my home to $800,000.00, I get taxed on $750,000.00.

There exemption becomes useless.

That sucks!     The government will find a way to screw us over every time.  I’m staying out of Florida.  Terrible!

(04-24-2022, 07:40 PM)DaphneApollo2 Wrote: What States do you both live in?

I live in MS in the south.  Look up Homestead Exemption for your region.

And please pay your house off as soon as possible,  it helps if you own your home.  I do, I hate mortgages, credit cards debt of any kind.  

 @Ninurta you said your house is paid for look into it.

I'm in Virginia, and yup, all 3 of them are paid off, as well as the land around them. I'll check into it, and if I find good news, I'll sue 'em to return back taxes!

.

https://www.fairfaxcounty.gov/taxes/real...exemptions

Some info for Virginia Go get yours.  

I lived off a tee box at a very nice golf course. My wife and I would spend 4 to 6 months in the states and 4 to 6 months in Thailand or other places we wanted to visit. Our electric bill when gone was $39 a month as the house was turned off except for the alarm system and the hot water heater. Well they put a smart meter on the house and the electric bill jumped to 79/83$ a month. Same house same things turned on. Their excuse was the meter is more accurate (BS).

About that time it was also tax season whereby in Texas you pay school taxes and property taxes. I started adding stuff up and came to the conclusion that we were paying $12,000 a year in insurance, (house was paid for) school and property taxes.. I listed the house and sold it within 2 months.

We moved to North Thailand out in the sticks  (10 minutes from my local golf course) and have a producing farm of rice and vegetables (I have never worked the farm just collect 50% of the produce during harvest).. The highest electric bill I have ever had one very hot summer was $130 and that is with one or more air conditions running full time; average bill is $100 or much less during the winter.

I ain't poor and we could have stayed in the states but it just pissed me off as I have a thing about feeling like I am getting ripped off. Oh we do not pay taxes here on our property yet I still pay several thousand dollars each year back to uncle scammy. This year it was an additional $4000 (I already pay $600 a month when I take out from my IRA monthly) which while not happy at least it beats me saying screw you and not paying.

The WEF saying of, "you will own nothing and be happy" is only partly correct IMO.

We missed all the covid lock down BS here other than wear a mask when you enter a place of business...so... for once in my life I made a good decision when we sold everything there and moved here... If it turns to shit (not expected) we will find another place that will welcome us.

(04-25-2022, 07:06 AM)727Sky Wrote: I ain't poor and we could have stayed in the states but it just pissed me off as I have a thing about feeling like I am getting ripped off.

About 20 years back, a good friend of mine retired from the Army and bought a house in the PI.  He told me Uncle Sam actually threatened to terminate his citizenship for becoming an ex-pat.  We kept in touch via Farcebook back then ... and I assume the threat blew over.  But, he didn't care if he lost his citizenship or his pension.  He said he didn't even need the Army's medical bennies there in the PI.

Point is: People don't know what it's really like living overseas ... until they've been there.

(04-25-2022, 01:55 PM)Snarl Wrote:

(04-25-2022, 07:06 AM)727Sky Wrote: I ain't poor and we could have stayed in the states but it just pissed me off as I have a thing about feeling like I am getting ripped off.

About 20 years back, a good friend of mine retired from the Army and bought a house in the PI.  He told me Uncle Sam actually threatened to terminate his citizenship for becoming an ex-pat.  We kept in touch via Farcebook back then ... and I assume the threat blew over.  But, he didn't care if he lost his citizenship or his pension.  He said he didn't even need the Army's medical bennies there in the PI.

Point is: People don't know what it's really like living overseas ... until they've been there.

What I don't get, is why are so many people in those countries trying to come to the US.

I worked in an area that had over 100 Filipino nurses. They were all trying to get their families to America, yet they had a good paying job in their own homeland.

I will add they were being taken advantage of by a corrupt medical agency, that housed them and paid then a lot less than their American counterparts, but it was a lot more than they made back home.

All that I spoke to, claimed they were here because the quality of living is so poor over there.

They claim that the poorest of our poor were doing better in America than the average Filipino. 

I don't know anything more about the Philippineses than what they told. If it is not true than I apologize.

So I am not sure where the win is.

Unless it is that if you have to do bad, than you can do bad all by yourself, you don't need the government to help you do bad.

(04-25-2022, 02:48 PM)NightskyeB4Dawn Wrote: What I don't get, is why are so many people in those countries trying to come to the US.

I worked in an area that had over 100 Filipino nurses. They were all trying to get their families to America, yet they had a good paying job in their own homeland.

I will add they were being taken advantage of by a corrupt medical agency, that housed them and paid then a lot less than their American counterparts, but it was a lot more than they made back home.

All that I spoke to, claimed they were here because the quality of living is so poor over there.

They claim that the poorest of our poor were doing better in America than the average Filipino. 

I don't know anything more about the Philippineses than what they told. If it is not true than I apologize.

So I am not sure where the win is.

Unless it is that if you have to do bad, than you can do bad all by yourself, you don't need the government to help you do bad.

I forget how many Islands make up PI but there are a bunch. Some prosperous and some still living by farming and fishing.

Being poor in any Asian country is not a nice way to go IMO. Even with a college degree the pay sucks which is around $300 a month and that is one day off a week if you are working for a big company and lucky.

The PI discounting the islands of the Muslims in mostly Catholic..which they seem to have no problem with smiling at you on Sunday and stabbing you in the back on Monday. I have known a few guys who got married there and POOF they split a short time after they bring their bride to the states. I always had friends and a good time in PI but I never wanted to retire there..

Thailand is Buddhist and they will smile at you everyday and still stab you if you are stupid !! hahahah.. Land of Smiles or LOS as many call it. Again I live in the country away from political intrigues and governmental domestic problems. Everyone or many living overseas at one time was told America is where you can get rich, have a nice house and the roads are paved with gold.. Once they get there they find out that some of that is BS.

I read someplace that 52 or 54% of 18 to 34 year olds are back living with their parents due to the economy in the states..

found it https://www.cnbc.com/2020/09/08/majority...virus.html

Quote:In fact, for the first time ever, the majority of 18- to 34-year-olds now live at home with their parents, according to a recent study by the Pew Research Center.

As of July, 52% of millennials were living in their parents’ home, up from 47% in February, according to the Pew analysis of Census Bureau data, surpassing the previous high hit in 1940, when 48% of young adults lived with their parents.

“In a very short space of time, we are now at levels last seen during the Great Depression,” said Richard Fry, a senior researcher at Pew.

https://www.cnbc.com/2022/01/10/young-ad...-home.html

Quote:Between February and March 2020, some 2.6 million young adults moved home with their parents. By the middle of 2020, the majority (52%) of young adults between the ages of 18 and 29 lived with at least one parent — and the children of rich parents were the most likely to return home.

In Asia it is not that unusual to see extended families living together to include the grand parents.