dimanche, mai 06, 2007

Foreclosures up in 53206

Taxes affect the poor just as much as the "rich". The rich in most cases means anyone above the poverty line. If you ask me, the level of "poverty" is the new middle class.

The JS has a story today about the rise in foreclosures in zip code 53206. They cite a UW study which points to many issues like subprime lending and inflation, but something strikes me about the item that sits at the top of their list, and the language thereof:

" Homes doubled in value between 2000 and 2005, from $26,826 to $53,225 for the average three-bedroom house"

The homes didn't double in value. In fact, because of factors surrounding the area, the true value of the homes has decreased. The homes were reassessed which (pay attention, JS) means that their taxes went up. That means their monthly payments are going up.

The opportunity for land ownership was one of the incredible benefits available to the settlers of the new world. They escaped not only religious persecution, but oppressive taxation. Now, oppressive taxation is taking foothold again and is affecting those among us who have finally achieved the dream of home and land ownership against the odds that have faced them. And it's being taken away and blamed on factors other than rising taxes and liberal policies. The last thing I want is for people such as those in the JS's story to lose their homes. The second last thing I want is for those people to be driven out of their neighborhoods by the uncontrollable, decaying and violent society.

I'll bet you these folks would love to see the national guard here for the summer, so they can enjoy sitting in their yards or chatting with neighbors on the stoop.

I'll bet you these folks would love even more to see taxes go down. I would love to ask one of the featured homeowners if they feel that the Journal's story glazes over their tax plight.

Libellés :


Blogger Dad29 said...

Things the JSOnline doesn't tell you:

Go to the UWM report and on P. 16 they list all the lenders.

Argent, #1, happens to be owned by Ameriquest, #7. Looks like a stock to be avoided...

Because #3, New Century, and #4, Fremont, are both in bankruptcy proceedings.

Not a good list to be on...

3:10 PM, mai 06, 2007  

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