$30,000 Houses: Smarter to Raze than RestoreWhen the share price of a company traded on the New York Stock Exchange (“NYSE”) falls below $1, it faces the prospect of being dropped from trading (“delisted“). Presumably, the rationale is that such companies are in extremis, and, for the health of the broader market as well as...Read More
How Foreclosure Buyers Can Reduce Their Property Taxes Q: When is fair market value not “fair market value”?A: When it’s a foreclosure sale. Because of the process(es) described in “Sticky” Property Taxes, foreclosure buyers should not expect dramatic property tax relief any time soon after closing their purchase. Even worse, unless they’re careful to document...Read More
Is Barry Ritholtz Right About Realtors? “$#@%&realtors . . .%&*!! NAR . . !!#%@!! . . David Lereah . . .$#%&! . . . NAR . . . %&!!@realtors . . .%&*!! NAR.” –“Former NAR Economist David Lereah is a Jackass,” Barry Ritholtz; The Big Picture blog (1/6/09)As a real estate agent active in the...Read More
Q: How long does a property tax hangover last?A: Two years-plusOne of the sticking points, literally, for would-be Buyers of foreclosed properties is an unpleasant hangover from the erstwhile housing boom: bloated property taxes.In today’s, foreclosure-tinged market, it’s not unusual to see homes listed for 30% or less of their assessed tax value (no, that’s...Read More
Cashing in on Foreclosures . . . . . One Gullible Subscriber at a Time Judging by the incoming email pitches I’m receiving — plus some of the “spam” posts this blog is now attracting — there’s a ton of money to be made in foreclosures. No, not buying and flipping them. Rather, selling information...Read More
“‘Underwater’ Need Not Mean Foreclosure” That’s the title of a nice article in today’s Wall Street Journal. The article’s author makes the point — which I have observed — that most people who owe more than their home is worth keep making payments, regardless. Assuming they can. According to the article, the two biggest factors...Read More
