Saturday, March 29, 2014

Poor Second Mortgages

second city Lake County is number two. More specifically, a national survey ranks the price of homes in Lake County number two from the bottom, nationwide.

As readers of this blog are doubly aware ...
Down Homes in Lake County
the Lake County home market is in the toilet.

If you are like your LakeCountyEye, you wish you had a nickel for every time your township assessor said it is not the price of the house that matters, but its value compared to your neighbors. Well, haha, if you need to appeal that assessment this year, be sure to bring along the results of the aforementioned Trulia survey. And ask your assessor to take a look at some of these comps:

Top 10 Metros Where Home Prices Are Most Undervalued
Lake County home prices fare worse against markets like the Cleveland-Toledo I-90 corridor. The Memphis tri-state area (Tennessee & Mississippi & Arkansas) does better than Lake County. As well as Brevard County in Florida (Palm Bay & Melbourne & Titusville). Haha Titusville. The only town with more undervalued homes is Detroit. Of course this statistic comes with an asterisk because, legally speaking, Detroit is under bankruptcy protection.

What is the reason for Lake County's inability to do squat when it comes to selling its residential property? One high ranking official agreed to talk to your LakeCountyEye on condition that he kept a bag over his head: "It's not all doom and gloom. That survey lumps together Kenosha County with Lake County, which skews the results. What do they got up there in Kenosha besides outlet malls and ATV huntin' lodges? Adjust those numbers for Kenosha County, and Lake County comes out looking like a stinking rich San Francisco, and without the earthquakes."

Fair 'nuff! Look for your LakeCountyEye flipping homes near you.

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