October 1, 2008
Is $1.75 the Bottom of the Housing Market?
by Joseph Henchman
(AP Photo/The Saginaw News: Melanie Cochran)
The Associated Press reports that this beautiful (foreclosed) house in Saginaw, Michigan was sold via eBay today for $1.75 plus the obligation to pay $850 in back taxes and yard cleanup costs. (Generally, the new owner of a foreclosed property must pay any accumulated taxes and liens, in addition the purchase price.) The new owner plans to flip the property; good luck with that.
$1.75 plus $850 in liens may be low, but is it the bottom? The New York Times has the long-run Case/Shiller Index, which suggests not:
The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.
Monthly Archives
Disclaimer: All views expressed on the Tax Foundation’s Tax Policy Blog are those of the individual authors, and do not necessarily represent the views of the Tax Foundation, its Board of Directors, or its financial contributors. The Tax Foundation makes no representation concerning the views expressed, and does not guarantee the source, originality, accuracy, completeness or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented.
