Vegas is having a amazing real estate boom. Property (land) values have jumped in the last 18 month like crazy. Houses are selling for prices that seem unreal.
Well they really are unreal, and starting to fall, but they won't fall far. The growth here makes me wish I owned a square foot of land anywhere.
There is good and bad in this. I could sell my house for 100 grand over my mortgage with ease. But, where would I live. I might not even qualify for the average house which is about 230 grand. Cheap houses are not to be found even in bad parts of town. (Yes we have them)
No problem. I've got a great house in a good location and I am content to stay here but there is a little problem. Real estate taxes here are, by law, tied to some formula having to do with property values. This summer my real estate taxes are going to jump big time and my escrow account will be short and my mortgage payment will increase. Now like most regular foke the mortgage is the big monthly nut and if it goes up the money must come off of some other expense.
I will survive. If needed I will cut some other thing, cable TV would be a good place to start. But many people are cut to the bone already. And those on fixed incomes don't have any padding in their budgets.
Luckily the state gov is concerned (only because of elections) and there is a lot of protest and likely some type of tax relief will be instated.
I sure hope so.
Adaven
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