Housing Starts Plummeting in St. Croix County

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1. admin says:

   1/18/2006 at 6:06 am

   I took a look out at the MLS this morning. There were 840 homes listed in the New Richmond, Somerset, Baldwin, and Hudson School Districts. It does not include the many houses that cant afford to sell their homes because they do not have enough equity (Remember all those 100-125% financing at low interest). Well those homes payments have shot up steeply as the interest rates have climbed month after month. They have far less equity in those homes than the minimal commission rates realtor’s are charging. So many are being FSBO (For Sale by Owner) of which many are reaching into their pockets at closing to cover the growing gaps between the selling price ” mortgage and closing costs. I won’t even go into how long many of these homes have been for sale or how much the growth of outright bankruptcy has grown.

   Of those 840 homes 30% are going for $300,000 or more; Not really affordable for a new family to move into. Let’s see what the other findings are: The mean price of homes listed in New Richmond is $209, 000 with taxes around $225 month. Somerset is $252,000 with $295 month in taxes. Hudson is $285,000 with $320 tax a month. If any of the referendums in any of these 3 districts pass you can expect anywhere between a 25-42% increase in those property taxes.

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2. BobZiller says:

   1/18/2006 at 10:39 am

   I have been looking for numbers on housing for sometime. It’s like tracking a hurricane coming toward New Orleans. These numbers plus gasoline and heating fuel prices will shot down any ninty million dollar referendum.

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3. On the BorderLine » Blog Archive » Spilled milk? says:

   3/19/2007 at 11:47 am

   [...] 1/17/2006 Housing Starts Plummeting in St. Croix County [...]

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