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Buckhead is not typical of his profession. As an investor in Chicago I know about RE than the brokers I with, though I do use them to close the deals. Many of the realtors don't even have a bachelor's in business, finance, or economics. 400MM is a lot of home sales. I suspect the average agent does less than 10MM per year.
And to you who think you will have declining property taxes with declining values, good luck. In Chicago to make up for the shortfall they just increase the tax rate. I suspect the same is true in metros nationwide.
And I see a bottom late 2009 to early 2010. 2011 to 2012 seems a little pessimistic but time will tell.
I told everyone about the increased in property taxes from overinflated value of their home... they just laughed it off.. they said when home prices decline so will property taxes... I told them the city and county already tied your payment to services and they aren't about to stop services because lower tax payments, they will just increase tax rates... again they laughed it off because they think they "know" better than me. And when it comes time that they complain about it... they forget I even mentioned it to them previously... it strange how people don't care about who is ripping them off until it hits home.. I know its going to rip me off and that's why I bring up the topic but usually people don't care about the future, just the present... this housing market is probably going to turnaround 2010-2011.. I think the government is going to get more involved... at EVERYONE'S expense... again nobody cares right now because they only care whats happening now instead of what's going to happen in the future... the NEAR future... when the government starts ripping you off to pay the corporations to stay in business and homeowners to continue their non-sustainable lifestyles... all at YOUR expense.. more importantly YOUR dime...
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