Earlier today I was challenged by a citizen that is obviously supporting my opponent. I was accused of using “scare tactics” early in my campaign by saying the housing market was going to continue to go down and that the resulting loss of value would reduce the tax revenue to Shasta County. He said I had “lied to the public” to get their attention. This was the “straw”, and I referred back a few weeks to the Record Searchlight article that follows, but he would not hear it. I am the guilty one. Well, here is the article, and you can be the judge. Did the market continue to fall in 2010, or is it static, as is claimed by my opponent, and the critic today?
“Year-over-year home values in the greater Redding area fell for the 13th straight quarter, according to federal figures released Tuesday.
The Federal Housing Finance Agency all-transaction house price index showed that values in the region that includes Redding, Anderson and Shasta Lake dropped 12.82 percent in the first quarter of 2010 compared with the same three-month period a year ago.
Values in Redding in the first quarter fell 4.1 percent compared with the previous quarter, and have plunged 16.17 percent over the last five years.
Nationally, home values fell 6.8 percent in the first quarter over the same quarter in 2009, and 1.6 percent compared with the previous quarter, the Federal Housing Finance Agency said.
The index gives estimates for 301 housing markets, tracking data from mortgages used for both home purchases and refinances. Because the source data is different, it provides a similar but distinct picture compared to that offered in the figures from MDA DataQuick.”
So, critics beware. My numbers are nationally published numbers. Every seminar that I have attended in the past two years has been saying this…so nothing is new here. The reality is fact in Shasta County, and home values will continue to go down as the bank owned properties continue to come on the market. Again, my critics are saying I do not know the market, and if the Assessor is to determine assessed values based on market values, as is required by Proposition 8 as a follow on to Proposition 13, then I think I have a sense of the market and where it is going. If the above is “static market”, as is claimed by the incumbent, then maybe this is why we need a change. Is there such a thing as “reality” in government thinking? Your call, as the voter on June 8th in Shasta County.
www.largent2010.com
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