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"Brutal Choice in Houston: Sell Home at a Loss or Face New Floods"

By HEYYOU following x   2018 Apr 5, 11:01pm 1,970 views   11 comments   watch   nsfw   quote     share    


No housing bubble! Get a Trump deal.

Republicans in Red State Texas would never let this happen to their fellow Republicans.

https://www.nytimes.com/2018/03/30/us/hurricane-harvey-flooding-canyon-gate.html?ref=oembed
1   d6rB   ignore (1)   2018 Apr 6, 8:08am   ↑ like (0)   ↓ dislike (0)   quote   flag        

House can be jacked up 4 feet, which will make neighbors house flood next time. This is RED STATE REPUBLICAN solution.
2   Tenpoundbass   ignore (14)   2018 Apr 6, 8:25am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Houses on a 100 year flood plane shouldn't be any more than $120K for a 2100 sqft house.

Smaller houses even less. Price is the only reason to live in a flood zone, only moron self serving city Liberal property appraisers would allow it do so otherwise.

Quit being greedy, the median home price in America should be $100K or less anyway. It will be when we get rid of the 11 million illegals putting undo price pressures on our lives.
3   d6rB   ignore (1)   2018 Apr 6, 8:29am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Tenpoundbass says
ouses on a 100 year flood plane shouldn't be any more than $120K for a 2100 sqft house.

It is more complicated. In last floods, many places which were not in 100 yr flood plain were flooded. Many that were not in 100 yr flood plain did not flood, which somehow makes me doubt the accuracy of these flood plain surveys.
4   P N Dr Lo R   ignore (0)   2018 Apr 6, 8:33am   ↑ like (0)   ↓ dislike (0)   quote   flag        

drB6 says
100 yr flood
That happens every four or five years. They have to keep resetting the century start date.
5   CBOEtrader   ignore (5)   2018 Apr 6, 9:15am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Buy flood insurance then deal w it. Problem solved.
6   HEYYOU   ignore (26)   2018 Apr 6, 9:31am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Socialist Federal flood ins. that Rep/Cons love.
Taking Rep/Con tax dollars,who aren't in flood plains and handing it to Rep/Cons that are stupid enough to live in flood plains.

"The National Flood Insurance Program (NFIP) is a key component of the federal government’s efforts to limit the damage and financial effect of floods. However, it likely will not generate sufficient revenues to repay the billions of dollars borrowed from the Department of the Treasury (Treasury) to cover claims from the 2005 and 2012 hurricanes or potential claims related to future catastrophic losses. This lack of sufficient revenue highlights what have been structural weaknesses in how the program is funded. Since the program offers rates that do not fully reflect the risk of flooding, NFIP’s overall rate-setting structure was not designed to be actuarially sound in the aggregate, nor was it intended to generate sufficient funds to fully cover all losses."

https://www.gao.gov/highrisk/national_flood_insurance/why_did_study
7   Evan F.   ignore (0)   2018 Apr 6, 10:33am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Tenpoundbass says
Houses on a 100 year flood plane shouldn't be any more than $120K for a 2100 sqft house.

Smaller houses even less. Price is the only reason to live in a flood zone, only moron self serving city Liberal property appraisers would allow it do so otherwise.

Quit being greedy, the median home price in America should be $100K or less anyway. It will be when we get rid of the 11 million illegals putting undo price pressures on our lives.

can't tell if joking? otherwise:
8   Tenpoundbass   ignore (14)   2018 Apr 6, 11:50am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Evan F. says
can't tell if joking? otherwise:


No you heard me right Jose.
I make no apologies for being American.
9   deepcgi   ignore (0)   2018 Apr 6, 12:46pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

After my father died, my mother had housing issues in Houston. They had paid off the mortgage years earlier, but the home had since quadrupled in value. Unfortunately, so had the Texas property taxes. Her yearly taxes were $5500, so along with the utilities and maintenance in frying-hot Houston, she had to have a thousand dollars a month to continue living in the house she had no mortgage on.

The irony here is that this was 36 years ago! The oil-boom property bubble in Houston burst around that time, so while the housing values had quadrupled, and the property taxes were raised to match, after home prices fell again, BY 60 PERCENT, the taxes of course were not lowered to match! So she ended up having to sell the house for half what it had been tax-appraised for.

Now that same house flooded along with the whole neighborhood in the recent bad news. I see that the current owners paid $7100 in taxes last year, and that homes in the area are struggling in sales.

When I think of how much money in taxes the local government has pulled in on those Houston neighborhoods for the past 35 years, it looks like more and more of a crime that will go unpunished. How much of a home and a lot will 7100 dollars get you in Seattle or Portland or Reno or Madison, today, I wonder? All that tax money, at percentages twice as high as many other places in the country, and yet it avails nothing.

Oh, and they bought the house in 1973. It had never flooded until the hurricane last year.
10   anonymous   ignore (null)   2019 Mar 10, 3:42pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Both buyers and sellers are feeling less optimistic about the housing market than they were a year before, according to Fannie Mae’s national housing survey.

The mortgage finance company, which compiles an index measuring homebuying sentiment, reported that the February index was down 1.5 points from the year earlier.

The index is based on a survey of home buying and selling sentiments and income changes, as well as beliefs about the future for home prices and mortgage rates. It found that the net share of Americans who say it is a good time to buy a home dropped by nearly a third over the past year to 15 percent from 21 percent. The net share who said it is a good time to sell also fell, to 30 percent from 36 percent. Most Americans believe mortgage rates will go up over the next year, while fewer believe that home prices will continue to rise than they did before.

Doug Duncan, Fannie Mae's chief economist, called the drop in home price growth expectations "notable," with the net share of consumers expecting home prices to rise falling 19 points from the survey high hit at the start of 2018.

"While declining home price expectations may point to improving affordability, the share of consumers who think it's a bad time to buy has grown over the last year, and high home prices remain the most frequently cited concern," Duncan said in a press release. "It is plausible that consumers believe that price gains could decelerate further, making it worthwhile to wait rather than act now."

https://www.chron.com/business/real-estate/article/Both-buyers-and-sellers-less-optimistic-about-13670274.php
11   anonymous   ignore (null)   2019 Mar 10, 3:44pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

New Houston area home prices edge downward, according to Census data.

The price of a newly constructed home fell in December from the year before, according to preliminary Census data.

The average sales price fell 6 percent, to $377,000 from $402,900.

The downward movement was driven by a shift in the number of units sold for less than $300,000.

That shift was particularly marked in the sub-$150,000 range.

Of new homes sold in December, 6 percent were priced below $150,000, three times the share of the year before.

https://www.houstonchronicle.com/business/real-estate/article/New-home-prices-edge-downward-according-to-13663970.php?utm_campaign=chron&utm_source=article&utm_medium=https%3A%2F%2Fwww.chron.com%2Fbusiness%2Freal-estate%2Farticle%2FBoth-buyers-and-sellers-less-optimistic-about-13670274.php

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