(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!

(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.

(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.

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.

(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!

(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!

(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.

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.

(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.

(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.

(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.

(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.

(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.

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.

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.