UPDATE: Will they really go down? Take a look at some potential revaluations of properties in the Indianapolis area after tax reassessment. Meanwhile the squabbling continues between our politicians as to what exactly will be done to ease the tax burden. It's times like these I'd like to slap Pat Bauer's toupe back into the '70's where both it and his management style came from.
I'm as mad as hell and I'm not gonna take it anymore.
Some blog posts are nice. Most of the time, I'm nice. Most of the time I'm positive. This time I'm neither positive or nice. This post is not nice. Frankly I'm angry. Angry because every day we get to explain to people why their homes are not worth as much as they were two years ago. I'm angry today for a number of other reasons which are best documented after you spend a few moments with Howard Beale.
Peter Finch won an Oscar in 1976 for his portrayal of Beale, an angry television anchor. For me it was worth a watch because it captivates my feelings quite succinctly about our current mortgage/credit/financial/housing/etc. crisis that we've put ourselves squarely in the middle of.
Personally, I'm angry because we've handed out millions of zero down mortgages in neighborhoods where hundreds of similar floor planned track homes sit side by side.
I'm angry because we've taught an entire generation of potential and current home buyers you don't need to have any money to own a home.
I'm angry because my new Australian Shepherd puppy Bailey could probably get a VISA card right now with the dozens of applications we get in the mail every year.
I'm angry because although the real estate community has been screaming about challenges in the housing market over the last year, it's taken until now for the federal reserve to wake up and smell the crisis.
I'm angry because in my community (Indianapolis) we've built over 100,000 NEW homes since 1998. That's one NEW home for every 3 preexisting homes in our metro area. Can you say oversupply?
I'm angry because it will take us years to get out of the mess we've gotten ourselves into.
The only things real estate related that I'm not angry about today is that I have a number of clients that are absolutely stealing property right now in their purchases. At least in a few years, I'll be able to give them good news about the appreciation they're recognizing in the real estate they're buying today.
Contact: Greg@gregcooper.com OR 317-848-GREG (4734)