75 replies to this topic

[Redone]

So when a couple buy at house at the Auction for $120,000 and move in, what is the market price?

Show me one, because I have never seen it happen.

Investors are there with cash. Have you ever been to any of the courthouses ?

[ducky]

I do check out the jobs and the local industries nearly daily and I've been seeing jobs growing quite a lot lately and if you'll notice, there are zero businesses leaving Folsom.

I'm not sure the bolded above is entirely true. Remember all the empty storefronts and closed-down car dealerships? The car dealerships that stayed probably aren't doing near the business they used to. I would imagine that was a lot of tax base.

[folsombound]

Geez, I'm starting to think that Real Estate should be put in the politics section!

90% (+/-) of people are employed. That may not be an ideal number but it does contain the vast majority. There are people with jobs who want to own a home and will buy when the time and prices are right. That appears to be now or close to now. I really do think that the worst of this is over and we will see SLOW growth and the R/E sector come back,-maybe not to where it was in 2007 but much better than it is now.

[M.E.G.]

As for property taxes, the Sacramento County Tax Assessor (and possibly even Placer & El Dorado County) has been reducing them
automatically because of the decline in market value. If the homeowner does not agree with the value, they can submit paperwork for a review. Thats not to say that the assessor has reviewed everyone that needs to be reviewed, but my understanding are lot of them have been lowered.

M.E.G.

[M.E.G.]

Took a little time, but here are the Folsom foreclosure outcomes. Sold to third would be someone buying the property off the courthouse steps, sold to bank means the bank took it back(foreclosed) Cancelled means the bank cancelled the sale, maybe due to short sale going through, bankruptcy filed or worked out agreement with owner. Most of the time, those homes that are bought off the courthouse steps are either flippers or investors. I see very few buyers that are buying the home for themselves to live in.

The first graph is for the past 3 years quarterly. The second graph is the past year, by month.

Folsom Foreclosure Outcomes 3 years

Folsom Foreclosure Outcomes - Past Year

If anyone can advise on how to show a actual picture via Picasso I would be more than happy to do that. Normally I can figure things out, but this I can't seem to get.

M.E.G.

[rpo]

Took a little time, but here are the Folsom foreclosure outcomes. Sold to third would be someone buying the property off the courthouse steps, sold to bank means the bank took it back(foreclosed) Cancelled means the bank cancelled the sale, maybe due to short sale going through, bankruptcy filed or worked out agreement with owner. Most of the time, those homes that are bought off the courthouse steps are either flippers or investors. I see very few buyers that are buying the home for themselves to live in.

The first graph is for the past 3 years quarterly. The second graph is the past year, by month.

Folsom Foreclosure Outcomes 3 years

Folsom Foreclosure Outcomes - Past Year

If anyone can advise on how to show a actual picture via Picasso I would be more than happy to do that. Normally I can figure things out, but this I can't seem to get.

M.E.G.

Based on your first graph, the banks are selling less and less homes at auction. Interesting.

[Robert Giacometti]

Took a little time, but here are the Folsom foreclosure outcomes. Sold to third would be someone buying the property off the courthouse steps, sold to bank means the bank took it back(foreclosed) Cancelled means the bank cancelled the sale, maybe due to short sale going through, bankruptcy filed or worked out agreement with owner. Most of the time, those homes that are bought off the courthouse steps are either flippers or investors. I see very few buyers that are buying the home for themselves to live in.

The first graph is for the past 3 years quarterly. The second graph is the past year, by month.

Folsom Foreclosure Outcomes 3 years

Folsom Foreclosure Outcomes - Past Year

If anyone can advise on how to show a actual picture via Picasso I would be more than happy to do that. Normally I can figure things out, but this I can't seem to get.

M.E.G.

Thank you so much for posting this information for all of us. Now, we have a better picture of the transactions that are happening here in Folsom!

I have this belief that the more information we all have should enable us to make more informed choices! ( although the longer I'm on this forum, the more I realize that this won't be true in all cases).

I also feel as thought your post above was right on the money with everything. Don't get nervous that I'm agreeing with you or start rethinking things because of this!

Thank you so much again!

[Robert Giacometti]

You mean the economists as in the ones on the radio and TV who report hype to get more listeners to sell more ads?

Are you checking out the job listings and keeping track of job availability on a daily basis? Or are you just going by what you hear on the radio and TV?

I do check out the jobs and the local industries nearly daily and I've been seeing jobs growing quite a lot lately and if you'll notice, there are zero businesses leaving Folsom.

I'm finding reality to be a lot different then what hyped up news shows are claiming.

On property taxes, those will ONLY decline IF people petition the state to reduce their taxes to match the reality of their actual new value. I'm going to guess maybe 5% of home owners actually bother doing that - and then with all the bs paperwork that has to be submitted and approved that makes it even harder to reduce our property taxes.

So for people not paying attention to their property tax - if you bought your house for 500k and now it's valued at 300k, you're still paying taxes on 500k until you submit an appeal to have your house reassessed and the proper value assigned so your property tax will be reduced.

What are you a masochist? Don't be telling everyone you are from Illinois and making posts like this, you are killing the rest of us!

I'm going to try and communicate in a different manner to see if we can connect.

First off, I don't watch Radio or listen to the paper. Secondly, its the County NOT the State that assess your properry values and THEY are automatically reviewed without you contacting them. Thirdly, just because Montel Williams announces he is opening a new POT store downtown, next to the day old Hostess Twinkie Store, doesn't translate into economic growth despite your personal enthusiam.

Have you checked out what is happening in the Stock market over the last 10 days?

Did you see the news yesterday about Marie Callendars and Perkos filing for BK and the comments about the poor economy in California and how they would be closing Stores in California and Florida.

When homes get foreclosed and sold at a lower price the assessed value is lower and the property taxes are lower, therefor the revenue is declining for those agencies.

You gotta pay attention to what really is happening around you on a macro scale, not just the little things you notice!

[folsombound]

Please note, despite what some people may tell you, your property values are NOT automatically adjusted lower, only higher. So it's up to you to get your taxes adjusted to match your current lower property value.

In fact, the County Assessor DOES automatically lower assessed values when actual values drop and is required to by law. However, the assessor is not consistent with this and some areas do not get the benefit of lower assessments unless the owner's appeal.
I appealed my assessed value in Folsom 4 years ago and it was granted. Subsequent to that the assessor lowered the value again. They have lowered the value automatically on many Folsom homes but not all. You have to stay on top of them. I will appeal again this year as the Assessor has not kept up with conmtinually falling values. I am sure that he/she is under pressure to maintain values/assessments as high as possible. I am also sure that when values start to rise again, the increased assessments will happen very quickly.

[rpo]

I can however see how the Montel story can be related to your post because you must be seriously high if you think the county automatically reviews our values and lowers our property taxes, that's absolutely hilarious and so far from the truth it's scary. Why do you post stuff like that with an air of authority when it appears you didn't do any research about it and just made an off the cuff comment to slam me that is really misleading people.

For grins I just looked up my currently assessed property value on the Sacramento county website - and guess what? My property's assessed value IS $100,000 OVER THE ACTUAL VALUE!

The ONLY automatic adjustment EVER made to my property taxes was to INCREASE it when the values rose - but golly, the county hasn't changed the value one penny since it's value has fallen, go figure....

I guess that automatic review feature has been disabled for the past 5 years, go figure.

So as I noted yesterday, the ONLY way to get our property taxes adjusted to the ACTUAL current value is to apply to have it reassessed (for a fee of course) and then maybe after 2-3 months they may fix their accounting, but it's a major pain in the arse to do and it has to also be renewed EVERY year

Yeah they're really doing a great job of automatically adjusting our property taxes based on actual current values

Dude, you're hilarious! ...and you have the brass to call me naive and uninformed... sheesh!

It is you who is wrong here about the assessed values. My assessed values have been lowered AUTOMATICALLY each year since 2005. On one occasion, I felt it was not lowered enough and disputed the results which resulted in another $30,000 knocked off. The other four years were lowered perfectly without any action on my end.

[Robert Giacometti]

I'll try to ignore your usual condescending put downs...



Yeah that'd be kinda hard to do wouldn't it



It's hilarious that you threw in this news about Montel Williams, good for him. He's going to be laughing all the way to the bank. For all you people who cry foul about those businesses, if you've ever drank a single beer you're a hypocrite.

I was sincerely trying to be funny with sarcasm back to you! I can see how you took that as being condescending and I APOLOGIZE to you for that. It wasn't what I was attempting to do. When one has to explain their attempts at humor clearly it must have NOT been funny.

I'm sorry.