follow this A homeowner with 2.5 children buys a home moves into an new community the school board records the new enrollment and the state / federal government send the pre student tax dollar the school takes those dollars and hires a new teacher who goes out and buys a house to be closer to the her new students and class room al is happy and well until Mr. and Mrs. homeowner stops paying the mortgagee the family struggles to get things back on track but project lifeline does nothing to help them in a decline market so the family is forced to move taking the 2.5 children with them and oh those tax dollars with them.. does not seem like a big thing till you understand that in some new home communities 1 out of 8 homes are living this story in a community of 100 homes that's 12 homes or 36 few students (a classroom full) see the connection.... one less teacher and so it goes over and over again.
Short Sales offer some help because at least there is a buyer in place as Mr. Mrs. homeowner start to exit new Mr. and Mrs. Homeowner are moving in.
So lets focus on developing a more streamline Short Sale process for Homeowners, it's a win win win The homeowners credit is saved, the community gets a sense of balance , the lender starts to recover on the lose, and the teacher gets a new student and keeps her job
I am glad that I read this post. I need to read more posts on Ethics and the Realtor more often. But that's why I am glad that there is the Teacher's Next Door Program. I got a lead off of my website three days ago about a first time homebuyer who just happens to be a teacher that wants to buy in DC. I hope when I finally help her buy this house,she will stay there for a long time. Great post.
This seems like quite a stretch to me. I recall an economics professor teaching me in college that there are lies, damn lies, and then there are statistics. There are an awful lot of variable that are missing in this scenario. We see some forclosures in our area, but nothing like we hear about on a national scale.
Are you saying that in your market area that when a home is forclosed that it is not sold to a new homeowner, or an investor to be used as a rental home. As I stated earlier, we have some forclosures, but that in no way leaves the homes vacant for long periods of time. Sooner or later the home is reoccupied. And, as an average, the same percentage of occupants have children as thos who previously occupied the residence.
Anyway, this is just my thought on the issue.
Thanks for the interesting post.
There are three foreclosed houses within 1 block of my house in a nice upper middle class neighborhood. Only one is currently listed with a broker and available for showing. I am trying to find out if the other two are listed yet, but I haven't been able to find out any information about the lenders. Houses in my immediate area are currently priced in the $530,000 to $560,000 range (Southern California prices).
About two miles away is a new development, $1,000,000.00 homes in 2004 -2005. At least one foreclosure I know of and many short sales or people in trouble. Prices are currently listing at $830,000-$850,000. My local elementary school will definitely take a hit as this happens more and more. Not to mention the falling value of my own home. Glad we bought in 2002!
The property taxes actually go up to the state government and then are sent back to the districts on a per student per day basis. I know, really dumb, but that is how it works in California. We should have more money for our school district because of the high property values and taxes received, but we don't. Lots of pay as you go. Losing students is very detrimental.
Barbara Singleterry Realtor
Coldwell Banker Distinctive Properties
Simi Valley, CA
Hey Dan- in this area North Metro Atlanta from NOD to Sale os about 5 months from sale to re-list is 60 days from list to sale 160+ days So a year from last payment to sale is in my opion a short cycle. As for investors with GA being 11th in the county in Foreclosures thaty have a lot to pick from and they prefer the short sale as the subject property is often in better condition. Gwinnett county 3 years ago was the fastest growing county in metro Atlanta so builders were building like wild fire .. 100+ % loans were being written to anyone who showed up with a smile and a dream for homeownership. Today I drive those same "new home" communities and see for rent and for sale signs on every street. I was in a area last week that on a street of 30 homes there must have been 5 for sale signs and I think two for rents.
This directly impact property tax's and property values which fund our schools. Watch it is coming schools are next, as family's give up and just move out. Could be the start on the NEW DUST BOWL.