DEPITE THE RECENT RAY OF HOPE, REAL HOME SALE FIGURES POINT TO A CONTINUED SLUMP. YOUR PROPERTY TAXES WILL HAVE TO BE APPEALED FOR YEARS TO COME.

Figures lie and liars figure. Each time a tiny ray of sunshine glimmers through the dark clouds of the current housing crisis, the media, the government, Wall Street, and a few economists proclaim sight of the end. Unfortunately, upon closer examination you might be tempted to say that what’s happened is the end of the beginning. See Who Doesn't Understand the Pending Home Sales Index?

All of this means that your home’s value is not likely to start increasing in the near future. To the contrary, conditions point to a continuing housing price slide. The future points to more foreclosures. As an example, the adjustable teaser rate liar loans with a programmed 5-year reset were being made through the first half of 2007. Even more important, during the last part of 2005 and all of 2006 when the housing market was showing the first signs of weakness, these loans were a vast majority of the loans being made. We have not seen a majority of the foreclosures from these loans that were originated in 2004 or the loans from 2005, 2006 and the first part of 2007. Foreclosures hitting the housing market do more than any other force in determining the values.

The point that needs to be examined is that the value of your home is not likely to increase during the next 3 to 4 years. To the contrary, your home value may continue to slide. All of which means, under the current system your property taxes will have to be appealed each year for years and years to come. Unless you like paying more than your fair share, I suggest you educate yourself on the appeal process.