Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This means to me the market is down. Plenty of homes for sale at reduced prices.It also tells me the values are down and the soon coming "property re-evaluations should mean a reduction is what we have to pay in taxes,,,I wonder if the city council will still try to say values are up and try to scam us for more money.I think they only revalue the property as a ploy to raise them but with this economy it would be totally unfair..Lets wait and see.
The numbers will be transparent and the cities have nothing to do with valuation. I did some quick calcs based on the numbers I have it looks like this:
Average median values for 2009/2010: 241361 Sales: 279824
For Q3/Q4 2010: Values: 239432 Sales: 281437
This is figured by taking the median sales of qualified sales for each neighborhood and averaging them together.
The average value of all home sales for 2010 was 257945.55 with an average sales price (not counting foreclosures) 307846.23.
Averages are dangerous to look at in this situation. Values will be determined on a neighborhood basis but overall these unofficial numbers show that the trend is up value wise and not down.
Remember, we're looking at 8 years since the last reval. In order to keep tax BILLS at where they are, tax RATES are going to have to be LOWERED because overall the county shows an increase in VALUE based on market sales not voodoo. Well at least not government voodoo.
To keep this more on topic, here's the numbers I'm showing for foreclosures. These are houses coming in the FC and not going out. In other words, when they are auctioned not resold.
These are my self compiled numbers. They are bound to be off but the trending should be correct.
2007: 2522
2008: 2607
2009: 2497
2010: 3462
Why are my numbers so much lower than others? I am only looking at single family residential houses. It is also possible that others are double-counting some data. A bank sale might be considered a FC but for the most part a bank sale is a home coming out of FC not going in. The FC takes it away from the original owner and the bank sale puts it in the hands of a new owner. A bank almost always "wins" the auction at the courthouse because what they want to do is get title and hand it off to someone else to dispose.
If a loan is backed by one of the federal biggies like Fannie Mae, or HUD, a home could change hands several times. The bank FCs the home and wins the auction. It then sends it to the feds (in this case) who then sells it as a REO to the new homeowner. That's three deed changes on one property.
I'm only counting the one transaction at the courthouse.
Either way these numbers are bad and my trend numbers are bad as well.
Come on it's statistical noise, though, isn't it?... These CNN lists are funny. Anyone who's been here a while knows I'd take every opportunity to jump all over Charlotte housing (or housing anywhere for that matter).
Mikey, I have been looking at the Charlotte real estate market for over a year now. It is in bad shape. Nothing is really selling, especially over 600,000. So to me the CNN article just confirms what I am seeing here locally.
This means to me the market is down. Plenty of homes for sale at reduced prices.It also tells me the values are down and the soon coming "property re-evaluations should mean a reduction is what we have to pay in taxes,,,I wonder if the city council will still try to say values are up and try to scam us for more money.I think they only revalue the property as a ploy to raise them but with this economy it would be totally unfair..Lets wait and see.
I agree with Mikey on this one. I think come June we will be seeing our tax rates increased by the county to increase revenue.
Mikey, I have been looking at the Charlotte real estate market for over a year now. It is in bad shape. Nothing is really selling, especially over 600,000. So to me the CNN article just confirms what I am seeing here locally.
Yeah, there's big trouble in the higher brackets for sure... I still see many tract built homes listed for way north of $100/sqft - which I have no idea how they'll even get them appraised properly. There was a thread here not too long ago where someone was proposing a "rating" of the homes in order to account for "better" built homes from a value perspective. Otherwise I don't know how you justify that decked out floorplan with brazilian carved floors under the powerlines. Marble toilets only take you so far.
They're bottom feeding the better neighborhoods here in Union for sure. Watching MLS and see them go. In the end I'll agree that it's not a pleasant list to be on.
Quote:
Originally Posted by azhousing
I agree with Mikey on this one. I think come June we will be seeing our tax rates increased by the county to increase revenue.
In case anyone is wondering I'm not picking on Meck - they're going to go up in Union for sure. Meck just has the currently scheduled evaluations.
I wish someone could explain how the county pays for the same level of services if it's revenues go down. Everyone's worried about their personal value -> taxes. It doesn't seem like anyone cares to figure out where the shortfall comes from... everyone's property taxes go down and we're all spending less so less revenue from sales tax. This is not a winning formula.
Not discounting that Charlotte does have an issue with foreclosures, but if the list doesn't include Phoenix, Las Vegas or any California city then it's pretty worthless IMO.
Not discounting that Charlotte does have an issue with foreclosures, but if the list doesn't include Phoenix, Las Vegas or any California city then it's pretty worthless IMO.
Dbull, the article was reporting which cities were having the fastest growing foreclosure rates in the United States. Not the total number of foreclosures. So it really wasn't worthless. It showed that Charlotte was the number 5 state in the USA with our foreclosure's increasing. Not good.
I agree with Mikey on this one. I think come June we will be seeing our tax rates increased by the county to increase revenue.
$100 says you're wrong Meet me on one of the tax threads if you want to discuss. If tax rates went up as much as values there would be a riot and the tax rate would INCREASE more than Illinois TOTAL rate.
The tax rate will GO DOWN. Tax VALUES will go up for some and down for others and therefore the tax BILL will go up for some and down for others. But the RATE has to go down even if the effective revenue goes up.
This is also the first time they are looking at foreclosures as more than an anomaly to the market because in some places FCs ARE the market.
Dbull, the article was reporting which cities were having the fastest growing foreclosure rates in the United States. Not the total number of foreclosures. So it really wasn't worthless. It showed that Charlotte was the number 5 state in the USA with our foreclosure's increasing. Not good.
Ok, my bad. I didn't really read the headline of the article but rather the name of the topic for this forum "Charlotte makes Top 10 Foreclosure Hot Spots in USA"
The "housing situation" is really an over capacity issue. If we truly want to deal with this problem, we need a moratorium on new building, particular in hot spots like Charlotte. Alan Greenspan was asked a few years ago what he thought should be down with the housing situation, and he seriously stated, we need a bull dozer. I am planning to relocate to Charlotte and it is amazing the number of foreclosures/short sales, and yet the builders keep building because people who have the means will rather buy new with all the bells and whistles, and the builders can charge above market rates. Unfortunately, the politicians dont want to fight the builders, because locally builders are very powerful and the politicians want the tax/permit revenue (not to mention many politicians are investors). So round and round we go, chasing our tail, until the population growth meets the growing supply of empty houses. That will be tough in a city like Charlotte, which is heavily tied to banking. Banks will downsizing for years to come and what will Wells due with Wachovia. They do not need to HQs. Who knows, maybe Wells will move HQ to Charlotte, or maybe not. But in either case, banking will continue to downsize.
Last edited by tbertz; 02-03-2011 at 07:34 AM..
Reason: typo
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Meet me on one of the tax threads if you want to discuss. If tax rates went up as much as values there would be a riot and the tax rate would INCREASE more than Illinois TOTAL rate.
