Tales From Normal, Mn.--FICTION

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Tales from Normal, Mn. Headline News---FICTION

Wednesday, May 29, 2013

Excitement builds with Housing value rise...and interest rate rise: Tales from Normal, Mn.: FICTION

Just got the text today that the guys at Betty Lou's coffee shop are pretty excited that their housing values have risen...it gives them a sense of satisfaction in preparation for paying their year end real estate taxes, which have been very high since 2003, when the reassessment was done...and thus values have been 130% of reality ever since...It has been painful, but the press releases have been comforting... And the news that the Fed is finally going to stop easing and allow interest rates to rise, or even skyrocket,,,and the interest rates for mortgages have been rising..thank god...that means that the housing prices will come down as folks cannot offer much less qualify for houses of the higher valuation..and then cash will be king...and to a bass fisherman, they are excited that the plunge in house valuation has just begun...maybe the homes that only cost 12,500 in 1960 and now are appraised at $200K will come down...maybe...maybe...not in any locality we live in....but maybe..somewhere.
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