LOWER PROPERTY TAX RELIEF ON THE WAY!

Are the PROPERTY TAXES on your HOUSE being reviewed for a DECLINE in VALUE?

LOOK IT UP ONLINE! I love how easy the Assessor has made it for us, as you can now check to see if your property value has been reassessed, online at the Riverside County Assessors office:

http://riverside.asrclkrec.com/acr/INProp8PropValLookup.asp


Assessed values in Riverside County have dropped 11% from 2008. Starting last week more than 300,000 homeowners in Riverside County should have begun receiving notices of a reduction in tax assessments, bringing assessed values back to near 2006 levels.

If you disagree with the new assessment, you can still file an assessment appeal. The link for that form is here:

http://riverside.asrclkrec.com/acr/forms/755P-AS3RS0%20Owners%20Request%20for%20Review.pdf

If you are planning to file an assessment appeal, you will need info on current home comparables to take with you to assessment appeal hearing. Contact your friendly neighborhood REALTOR if you need help getting comp information for an appeal.

Menifee Home Values Predicted To Go Lower

From our "It's Going to Get Worse Before It's Gets Better" department, comes this report from PMI Mortgage Insurance Company that home prices in the Riverside County area are predicted to go even lower in 2011...

Home prices will be lower in two years compared to Q109 for much of the country's metropolitan statistical areas, (MSAs) according to an economic trends report released by PMI Mortgage Insurance Co...

...The MSAs most likely to see decreased prices are the Riverside-San Bernardino-Ontario, California, Miami-Miami Beach-Kendall, Florida, and Los Angeles-Long Beach-Glendale, CA regions.

Read the report...
http://www.housingwire.com/2009/07/07/mortgage-insurer-expects-lower-housing-prices-in-2011/

And we're talking about 2011! So if you're believing all the rhetoric from the Obama Administration, that we're starting to turn the corner economically, well, guess again...

Menifee Home Prices Fall Nearly $100K

According to Zillow.com, home prices throughout Menifee and Romoland fell almost by $100,000 in the last 12 months.

Zillow.com is an online property valuation tracker.

Price drops from Feb 08 to Feb 09...

Romoland: -$98,500
Menifee: -$96,500
Sun City: -$57,500
Quail Valley: no data

Homes in the City of Menifee got off pretty easy compared to surrounding areas...

Fallbrook: -$150,500
Canyon Lake: -$144,000
Corona: -$139,000
Nuevo: -$131,500
Murrieta: -$129,000
Riverside: -$126,000
Moreno Valley: -$124,500
Temecula: -$122,000
Lake Elsinore: -$117,000
Wildomar: -$109,500
Winchester: $-109,000
San Jacinto: -$102,500
Perris: -$100,000
Hemet: -$89,500
Aguanga: -$51,500
Homeland: -$27,000
Anza: -$15,000

Menifee Home Sales for June 2008

Here is some real estate sales data I found published on Housing-Kaboom, for June 2008. These numbers were calculated by DataQuick...

Community	Homes Sold	June 2008	June 2007	% Change
Hemet	161	$177,000	$288.750	-38.70%
Homeland	2	$167,750	$435,000	-61.44%
Lake Elsinore	119	$245,000	$385,000	-36.36%
Menifee	109	$268,000	$392,000	-31.63%
Murrieta	296	$289,000	$440,000	-34.32%
Nuevo	9	$238,500	$547,000	-56.40%
Perris	134	215,000	$370,000	-41.89%
Sun City	88	252,500	$328,250	-23.08%
Temecula	239	$319,000	$450,000	-29.11%
Wildomar	45	$294,000	$440,000	-33.18%
Winchester	84	$305,000	$423,250	-27.94%

Probably most notable is Perris, taking a drop of nearly 42% on 134 sales. Ouch!

You can view numbers for other communities throughout the Inland Empire on Housing-Kaboom...

http://housing-kaboom.blogspot.com/2008/07/june-sales-by-city.html

Menifee Home Values Drop 31%

Zillow, an online home valuation service, says that home values in Menifee (zip code 92584) dropped 31.1% in the first quarter of 2008, compared to the first quarter of 2007.

Compare that to national figures which show single-family home values decreased 7.5% while condo values declined 9.0% during this same period.

Sex Offenders Cause Home Values to Drop

BankRate.com reports that having a registered sex offender living in your neighborhood will cause your property value to drop...

A 2002 Wright State University study concluded that homes within one-tenth of a mile of a registered sex offender sold for an average of 17.4 percent less than comparable houses elsewhere. It also noted that homes one-tenth to two-tenths of a mile away sold for 10.2 percent less and homes two-tenths to three-tenths of a mile sold for 9.3 percent less.

This is quickly becoming an issue because homeowners around the country have been able to convince their county tax assessors to lower their property taxes due to the presence of a nearby sex offender.

To find out if you have a registered sex offender in your neighborhood, visit this link...

http://www.menifee247.com/2007/10/menifee-valley-sex-offenders.htm

Capital Pacific Homes Offers Price Guarantee

The Orange County Register reported today that Capital Pacific Homes, which is building some home developments here in Menifee, is offering a price guarantee against falling home prices when you buy a one of their homes.

Under the plan, buyers can back out of deals and get their deposits back if the home loan appraisal issued about 30 days before closing shows that the home value is less than the price tag.

I'm not certain 30 days before closing is enough time to prove that your home value has lost its value. I'm sure you'd have to hire an appraiser to just before taking ownership to prove this, and I don't most think will fork over money to hire one.

Moreover, when buying a new home, buyers have already invested themselves into that home by picking out tile, carpeting, outlets, cabinets, and so on.

Also, I don't think home buyers are putting off buying homes for fear of falling home prices. Most people buy homes based on need. Investors, on the other hand, are staying from certain homes.

Capital Pacific Homes is currently building the following communities in Menifee...

Calder Ranch (link)
Marsden (link)

October home prices post record decline

NEW YORK - U.S. home prices fell in October for the 10th consecutive month, posting their largest monthly drop since early 1991, a widely watched index showed on Wednesday.

The record 6.7 percent drop in the Standard & Poor's/Case-Shiller home price index also marked the 23rd consecutive month prices either grew more slowly or declined.

"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert Shiller, who helped create the index, in a statement.

To read more of this article go to:
http://www.msnbc.msn.com/id/22397888/