Housing will be DEAD in America
Englewood NJ Proposes 10.5% Tax Hike
I know, a few are still selling two units in month in a prime infill locations in San Fransico at 1/2 the price they were selling two weeks ago because the builder got paid by Uncle Sam to take over the finished lots. Just because were are only selling 1/5th the new homes we were selling a few years ago.......at half the price.....things will get better as long as you keep chugging Red Bull.
Sorry Fools....tax receipts to cities, counties and states are evaporting. Jobs are being cut faster than afros at Marine boot camp. And wages are being slashed across practically every vocation and costs for daily life are going up up up.
As municipalities are forced to tax your house more and more to keep cities operating.....the value of homes will go down faster and faster. People have only so much money to allocate to housing.....most of us need to eat.....and the higher taxes go, the less people have to pay the monthly mortgage payment.
In addition, as more and more lose their jobs and costs for the eldery skyrocket, fewer and fewer can afford to maintain their homes even if they don't have a mortgage....as vacanies increase prices will be driven down.
For a perfect example of what happens to housing when jobs are lost, wages go down, costs increase and WITHOUT even factoring rising property taxes.....take a look at Detroit.
I know we are not there yet.......but it is the current trend and it is accelerating as more and more lose their jobs and taxes are forced to be increased so there will even be a functional community for that house to live in.
Welcome to the Alstrynomic Digital Age....where housing will not be as important an asset as it used to be in the industrial age..........and its primary function will be to raise revenues for the government and humans will focus less on stuff and more on knowledge.