Burned by the Boom in N.Va. Real Estate

[Rose Siding]

snip>
Rising property values in Northern Virginia have put the squeeze on taxpayers, but the bite has been especially acute for owners of the region's Habitat for Humanity homes, who in some areas have had their homes double and triple in value in the past three years.

At least a dozen of the 47 Habitat homeowners in Northern Virginia pay more in property taxes and insurance than they do to pay off their mortgages, according to Karen Cleveland, executive director of the Northern Virginia housing nonprofit group. It is part of an international group that builds homes with volunteers and sells them to low-income buyers.
...
In recent months, Habitat for Humanity of Northern Virginia has launched a campaign to persuade localities to provide tax relief for their homeowners. It is arguing that the Habitat homes shouldn't be assessed at market rates because deed restrictions prevent their owners from selling the homes for profit or getting home equity loans until the 20-year mortgages are paid. If Habitat homeowners sell their homes before 20 years are up, they must sell them back to Habitat for the amount they cost -- $80,000 to $120,000 in most cases, Cleveland said, which is the restricted value.

http://www.washingtonpost.com/wp-dyn/articles/A21836-2005Feb13.html

[Blower]

1. Whoops...

And UNLIKE other countries where there have been housing bubbles, in the US, wage and job growth have fallen far behind house price growth.

WHOOPS


www.libertywhistle.us

[VegasWolf]

2. That's okay. Housing prices will collaspe when the dollar collaspes. n/t

[Sugarbleus]

3. Great Find! Another "wrinkle" in the ongoing

HOUSING CRISIS ... I sure hope those folks get this straightened out. What a rearender.

I read in my own local paper (rarely read my own local rag) where homeowners of dwellings damaged in past floods around here had taken up the offer by FEMA for interest free loans to help rebuild their places...THEN, this year, the residents are being slapped with TAXES on that help in a catagory called EARNED INCOME. The people are hopping mad and taking it to the City. I wish them luck too.

The gov is just a squeezin' like mofos to get every last $$ out of anyone they can track down. Fergit ethics and "promises" or gaurantees.

The Gov: 'Whoops, we took your taxes, we spent them on wars and rich folks. Now we don't have enough money left over to ..um, RUN THE COUNTRY and live up to our promises to you'