Most South Bay real estate values buck downward LA County trend

The slumping real estate market pushed down real estate values countywide for the first time in 13 years, although most South Bay cities bucked the trend.

[Kdog]

Leave it to a city official to lament the "good old days" of tax valuations going up 10-12% a year...I am not so sure that taxpayer sees it that way.

[fred]

Kdog wrote:

Leave it to a city official to lament the "good old days" of tax valuations going up 10-12% a year...I am not so sure that taxpayer sees it that way.

Yep! The good old days. When they could rape the taxpayer at will though.

[tomslyck]

...which is why Prop 13 was passed. There must be a damaged gene in every government leader that gives them a craving for higher taxes.

[Hopeful Homebuyer]

Jack Kyser is out of touch with reality like many others in the real estate business. How is the knowledge that you will pay less property tax provide a sigh of relief when the equity of your home has been halved? That's like saying I am sure glad I lost my job because I won't have to sweat the increased tax rate that Obama has in store. The false belief that the homes in south bay are 'true' valued at double-to-triple their values from 1999 is the problem. Thos values increased because of a false assurance of sky-rocketing value fueled by the corrupt mortgage backed securites game. Now that lending practices curtail the previous lifestyle of borrow and buy...we should fin ourselves falling back to home prices that are more reasonable but I doubt this will occur until we realize that the first and second or even third round of 'stimulus' spending fails to achieve its goal. We did this in 1990-1992 when even neighborhoods like Newport Beach were hit hard with falling prices back then you could pick up a lot near the beach for $300,000.

[Realtor]

Bucked the trend?

Who made up these statistics? I know over 100 people in RE, Mortgage and Title companies who are unemployed right now because of the slump.

Homes are NOT selling and what does sell is either a foreclosure or a "must" sell situation. How values are down about 15-20% in the SB since summer 2007.

Who's kidding whi here?

[resident]

Realtor wrote:

Bucked the trend?
Who made up these statistics? I know over 100 people in RE, Mortgage and Title companies who are unemployed right now because of the slump.
Homes are NOT selling and what does sell is either a foreclosure or a "must" sell situation. How values are down about 15-20% in the SB since summer 2007.
Who's kidding whi here?

Who do you think made up these statistics some jack a ss smoking a crack pipe.

[fred]

This headline has absolutely no bearing on the information presented in the article though. It shows the reporter's complete ignorance on the subject anyway.