Tue, 07/29/2008 - 18:10
Esquire you're correct, however if your neighborhood has a high percentage of foreclosures, then it can easily be assumed that property values will continue to fall, thus diminishing the tax revenue (prop. 8). Moreover, those who own and want to "fix" their mortgage will have a more difficult time doing so and possibly send them into a downward spiral and walking away. August 2008 will be the peak of the adjustments, and we won't see the effects until probably Q1 2009 and on.
