http://sanmateore.dreamhosters.com/2009/05/menlo-park-plans-to-artificially-prop-up-home-prices/ The not so pretty side of San Mateo Real Estate Sun, 15 Nov 2009 05:59:48 -0800 http://wordpress.org/?v=2.8.4 hourly 1 http://sanmateore.dreamhosters.com/2009/05/menlo-park-plans-to-artificially-prop-up-home-prices/comment-page-1/#comment-30343 Jose de Barros Tue, 26 May 2009 16:39:37 +0000 http://sanmateore.dreamhosters.com/2009/05/menlo-park-plans-to-artificially-prop-up-home-prices/#comment-30343 It would be interesting to see the details of the plan's impact. If I understand it correctly, it is aimed not at keeping the prices high, but at preventing foreclosures. If there are lots of foreclosures, homeowners will have their house prices immediately drop, and may be able to request property tax reductions. If prices come up later, because of prop 13, their taxes won't go up too much. So, in the long run it may be in city's best interest to pay to prevent foreclosures, even if the house prices don't go up a lot. But I would like to see estimated projections and detailed computations on this. It would be interesting to see the details of the plan’s impact. If I understand it correctly, it is aimed not at keeping the prices high, but at preventing foreclosures. If there are lots of foreclosures, homeowners will have their house prices immediately drop, and may be able to request property tax reductions. If prices come up later, because of prop 13, their taxes won’t go up too much. So, in the long run it may be in city’s best interest to pay to prevent foreclosures, even if the house prices don’t go up a lot. But I would like to see estimated projections and detailed computations on this.

]]> http://sanmateore.dreamhosters.com/2009/05/menlo-park-plans-to-artificially-prop-up-home-prices/comment-page-1/#comment-28840 michelle Fri, 08 May 2009 04:36:43 +0000 http://sanmateore.dreamhosters.com/2009/05/menlo-park-plans-to-artificially-prop-up-home-prices/#comment-28840 You're right. This is the most ridiculously thing I have heard in a while, after the Obama plan to prop up home prices, that is. City governments are NOT in the business of ARTIFICIALLY making home prices elevated. They are NOT in the position to be buying real estate like this, and people! I am sure there are better ways to spend money. If Menlo Park has so much money, maybe it should build infrastructure, parks, PAY its teachers? You’re right. This is the most ridiculously thing I have heard in a while, after the Obama plan to prop up home prices, that is.
City governments are NOT in the business of ARTIFICIALLY making home prices elevated. They are NOT in the position to be buying real estate like this, and people! I am sure there are better ways to spend money. If Menlo Park has so much money, maybe it should build infrastructure, parks, PAY its teachers?

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