Home price index posts largest drop in history

Source: AP

WASHINGTON - A home-price index considered to be the most comprehensive reading of the U.S. market posted the sharpest decline in its 17-year history, and analysts say housing has yet to bottom out.

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The Office of Federal Housing Enterprise Oversight said Thursday that home prices fell 3.1 percent in the first quarter compared with last year.

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Prices fell in 43 states, with California and Nevada showing the biggest declines. Home prices dropped by more than 8 percent in those states.

The government index also fell 1.7 percent from the fourth quarter of 2007 to the first quarter of 2008, the largest quarterly price drop on record.

Read more: http://news.yahoo.com/s/ap/20080523/ap_on_bi_ge/home_prices

to get out property taxes reduced accordingly.

Is there a national property tax consumer advocate organization?

Just kidding - you're on your own kids

Property valuations decline. Tax revenues decline accordingly, leaving local governments with a smaller tax base to operate from. I'll be interested in seeing how the schools will handle this, as if they don't have enough financial crises in many states right now.

Drop a lot of the top heavy baggage. What is the ratio of teachers to administrators now. Drop all of the extra classes such as "English as a Second Language" and all things that cost that do not teach the kids the basics. If the economy is in a crunch why should not the government and all of it's programs be so also? I still do not understand why the government programs have to expand every year regardless of the economy? If there is less tax revenue being received, all government programs should be cut as well, REGARDLESS.

...instead of programs that people rely on the most when the economy is screwed like now.

We can start with the no-bid contracts the Pentagon doled out to cronies and con men who are supposed to be providing material support to our troops, but aren't.

review your real estate tax assessment and adjust them if they are not in line with comparable homes in the area. They will do this for free and the records prove they are very effective in getting reductions.

There are many firms here who will "help" you file to get your home assessed for a fee up to 30% of first year savings. Their success rate is iffy.

So if you are seeking to get an reassessment, check with your county assessor's office, perhaps they have a program such as ours.

Thanks!
:toast:

is
(312) 603-5560

You call them and ask for an application for a real estate assessment complaint form.

Once you sign and return the form back to them, you are put in the cue for reassessment by them.

I just returned the form to them last week so I don't know how long the process takes.

:kick:

Odd - 312 isn't Lake County - it's Chicago.

I'll give it a whirl!

I use to live in Lake, now am in Cook.

I often mis-say my new County name. Sorry. Cook County is the one with the reassessment service. Perhaps it is a service recommended by the State and Lake County has it also? Perhaps even the people at that Cook county number would know.

Cheers!

:shrug:

that's where 312 area code is.

it's about f***ing time

The amount of money the municipality needs to raise remains the same. It won't matter if your house is assessed lower, because everyone else's house will also be assessed at current value. It's the tax rate that is important and that could go up if foreclosed properties become run down and lose a large amount of their previous value.