Americans Are Losing Their Homes

It doesn’t sound right. Normally you get taxed on improvements made to your property, not “potential” improvements or development. Might as well have the property appraiser say if you built an addition to your 3bd 2500 sq ft home it would have 5bd 3500 sq ft. So we’ll just go ahead and base your property tax on 5bd/3500 sq ft. Does that make any sense?

Guess wherever that is doesn’t have homestead type laws either. But it still sounds like it has to be a mistake or something, either that or that state/county law sucks.

 

Mine is fixed. My monthly payment increase was tied to everything else

 

Glad the article pointed out that foreclosures are way down. It is estimated that 62% of all mortgages are below a 4% rate and 82% below 5%.
We also don't have a bunch of toxic loan products.

You would have to go back to 2006 to find a similar rate of foreclosures. Most people can sell their homes for a profit as well so there is no need to get into foreclosure.

Commercial mortgages foreclosures are climbing though and well above pre-pandemic levels.

 

I think prices will remain high also. If interest rates come down in a significant manner, it will only cause more inflation in housing. There are simply not enough new homes being built.

 

Plenty were predicting a post-pandemic commercial real estate apocalypse, even if commercial is stressed so far the apocalypse hasn’t nearly materialized.

 

Something like 37 percent of all commercial space is vacant, that’s not sustainable in any real way.
Was having a discussion at work on this today, the best solution would be to start converting more of it to housing. Kills two of the economy’s biggest pain points at once.

 

You can convert malls and such into mixed use. Probably pretty cheap (relatively) to just demolish the commercial spaces and build new rowhomes/townhomes/apartments/whatever. Doesn’t need to go residential either, I’ve seen former retail converted to office and restaurant spaces.

In cities, commercial high rises (already vacant office spaces) are a different beast to demolish.

 

I’ve been wondering.. but many leases are decades so it might be a slow unwind. Just a guess.

 

One of our companies is the commercial building space and it’s not so simple. Most commercial spaces are not well suited for residential conversion (a couple huge issues are a lack of plumbing and inconveniently located windows, and generally terrible layouts for residential) and take more money that people think to make “livable.” The cheaper conversions no one wants to live there (have seen some where the only natural light is from a storefront with commercial doors and weirdly set up demising walls).

 

If that were the case someone would by a thousand acres and put a mobile home on it.

 

Wow. That stinks.

So your house payment didn’t go up just your taxes and insurance. That’s the way I look at it.

I don’t escrow my taxes or insurance. I pay as they are due. mortgage stays the same.

 

It's been done, I'm sure, but what's the point of doing that? If you can afford 1,000 acres in the first place. How do right multi millionaires afford tens maybe even hundreds of thousands of acres of land? I'm sure there might be some taxation but nothing equivalent to what the lady in question is having to pay relative to the size of her lot.