Top 4 States "tanking" in foreclosures... (Phoenix, Surprise: low income, sales)

[RicT]

would be... Calif, Arizona, Nevada and Florida.

The declining home values of all these states seem to reflect the foreclosure rate except California. I'm still seeing high resale rates there.

What's up with that? (If this is true of course).

[_Charles_]

Call it Barney Frank's bubble now Barney's rubble.

[Master Shake]

Might be a good time to move to Florida!

[RicT]

Originally Posted by Master Shake

Might be a good time to move to Florida!

Hey, I'm looking at that option as well. The idea of no state income tax is appealing but as a soon to be old fart I won't have any income to be taxed anyway.

It's definitely a buyer's market there but if property taxes don't do me in the homeowner's insurance certainly will. (Unless there's a nice hurricane-free zone I haven't found yet).

I've yet to find properties that offer a good overall value like those in AZ though. Nevad's coming along but I don't think the market has bottomed out there yet. I'd love southern Calif too but a lot of those banks just need to cut their losses and quit hanging on to this crap.

[RicT]

Originally Posted by _Charles_

Call it Barney Frank's bubble now Barney's rubble.

Yeah, but the guy's blunders have provided opportunities for folks that just wouldn't be possible in a roaring economy.

[all together now]

Thanks Barney! You da man! (err... or whatever he is).

[SOON2BNSURPRISE]

RicT, Rates in California have dropped significantly. When we bought our home in Surprise it was because of an over priced market in California. Who would have known that things would change. Homes in our area that were selling for in the $1,000,000 range have declined to $550,000. Homes that were selling for $500,000 are in the $300,000 range and I have seen some of them decline below that mark into the $275,000 mark. That was the range we were looking for a few years back and couldn't find it out in California. I also read recently that prices may go down as much as 29% in the next 10 months. At the same time homes go on the market and we have found a dozen people bidding on the same home raising the price up somewhat over the asking price.

[roosevelt]

I have made 3 offers on forclosed homes in better areas of NW Phoenix and everyone of them had a full asking price offer and the broker wanted to know it I wanted to go higher! Ratty areas may be a disaster but not all areas are like that.

[Master Shake]

Originally Posted by RicT

Hey, I'm looking at that option as well. The idea of no state income tax is appealing but as a soon to be old fart I won't have any income to be taxed anyway.

It's definitely a buyer's market there but if property taxes don't do me in the homeowner's insurance certainly will. (Unless there's a nice hurricane-free zone I haven't found yet).

I've yet to find properties that offer a good overall value like those in AZ though. Nevad's coming along but I don't think the market has bottomed out there yet. I'd love southern Calif too but a lot of those banks just need to cut their losses and quit hanging on to this crap.

Yup, what you save in income tax, you pay for in property tax. They have to get their money somewhere. Unfortunately, if you have low income (like retirement, etc.), you still have to pay a lot in property taxes. Then, as you mentioned, there are the hurricanes.

But on the plus side, you have beaches and ocean on all three sides of the peninsula!

[Bummer]

Originally Posted by Master Shake

Yup, what you save in income tax, you pay for in property tax. They have to get their money somewhere. Unfortunately, if you have low income (like retirement, etc.), you still have to pay a lot in property taxes. Then, as you mentioned, there are the hurricanes.

But on the plus side, you have beaches and ocean on all three sides of the peninsula!

I agree, Master Shake.

Low or No Income Tax usually equates to High Property or Sales Tax. The total tax paid usually balances out and unfortunately . . . sooner or later WE PAY.

As for beaches and water on all three sides . . . great point, however, those positives produce UGH HUMIDITY (read constant, year-round air conditioning) and a GAGGLE OF BUGS.

I have personally experienced both areas and prefer Arizona.

[markas214]

Originally Posted by Master Shake

Yup, what you save in income tax, you pay for in property tax. They have to get their money somewhere. Unfortunately, if you have low income (like retirement, etc.), you still have to pay a lot in property taxes. Then, as you mentioned, there are the hurricanes.

But on the plus side, you have beaches and ocean on all three sides of the peninsula!

True but you get taxed on a $100,000 house minus 25% homestead. I just spent a week in Venice, Fl. at my brother's 2 bed 2 bath 1400 sq/ft house. His neighbor died and his house is listed for 98k (comps in '05 $235k) with no sale in months. 5 minutes to the beach, storks and other interesting birds landing in the yard, 5 minutes to the boat launch and the lowest crime rate in Florida. I believe his taxes are $900/yr (no homestead, primary residence in Pa.) and insurance with flood $1200/yr. Humid as hell in the summer and low wages are the only reason we aren't living there. I can make 40k/yr more in Phoenix and afford to vacation 4 weeks year more a year.