Thursday, December 29, 2011

60 Minutes in Cleveland: There goes the neighborhood

An interesting "60 Minutes" segment from a couple of weeks ago. I have a cousin who has bought some houses as rental properties in the general area as this story and I talked to her this week. A good follow-up segment to this story would be the tax assessments on the properties for those still living in these areas. Housing are being torn down and labeled as worthless and yet taxes are going up from already too high tax values. One example my cousin gave me was of a recent letter she got on a house that she paid about $18,000 for a couple of years ago that still has a tax value of over $140,000 and the letter stated that taxes will be going up again next year. I don't know what it all means, but I thought it was worth noting.