The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.
The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record.
Tell that to my local community. My house was just revaluated and they jacked up the property valuation 40%. Some of that 40% we were prepared for, but some of it put the house well above market value and what we paid for it just two years ago. If I ever leave Wisconsin, it'll be because of the property taxes, plain and simple. What a racket.
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