2 Million Empty Homes for Sale

[tefen]

A pretty dire article about the housing market and falling home values.

http://money.cnn.com/2007/10/26/news/economy/vacant_homes/index.htm?postversion=2007102612

For purposes of comparison for the current situation, imagine the Detroit metropolitan area, which the Census Bureau estimated had 2.08 million households in its 2000 Census. Now picture virtually every house or condo empty, with a for sale sign in the front yard of every home, from inner-city Detroit to its suburbs, all the way to nearby cities such as Flint and Ann Arbor.

It's amazing to think about how low this could all go. If the statements from the Clark County Assessor are right, we should be seeing some seriously falling assessments in 2008. In the mean time, it sounds like we're still due to see an increase this year. Perhaps they should look at using more recent data in these assessments, sure would help with some of the PR problems.

[Chief]

So by Spring, I suppose it's possible the equivalent of most of the State of Michigan could be on the market...especially if current trends continue.

[Waterbuffalo]

Should I get my check book out for the Firesale? :-)

[Chief]

The problem is you are starting to see foreclosed homes that are competing with those who are trying to sell before they are foreclosed, coupled with the usual seasonal downturn in the Markets. Not sure where the bottom is, but we ain't there yet, and it's stories like this that give lie to statements like we see out of the Assessor's Office that 12%-59% increases this year are just fine.

Talk about peeing in my boot, then trying to convince me it's really liquid sunshine...

[Waterbuffalo]

Do you need a home visit from the Beloved Mayor and City Manager Chief to convince you of the needs of the community and paying all of those assessments in full?