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Monday, January 19, 2009

Irish Housing Prices May Drop 80%

And you thought America's housing bubble was bad...

While Madison has to resort to quasi-socialism to get houses built in the Silver Creek development, at least we're building something. Over in Ireland, one economist predicts that house prices may drop 80%. Economist Morgan Kelly also contends that after a decade of financial risk-taking, Ireland will see more house demolition that construction.

Uff da—so much for the luck of the Irish.

Another housing note: The Mitchell Republic's Seth Tupper argues the mortgage meltdown may be hitting South Dakota harder than some popular yet incomplete data suggests. Is reality about to take another whack at the smiley "everything is fine" boosterism of the Mike Rounds/Russ Olson wing of the SDGOP?

1 comment:

  1. My property tax statement for 2008 (payable in 2009) just arrived. There's no significant change in the assessed value or the amount of tax due.

    I realize that assessed value does not necessarily follow the same curve as appraised or actual value would, but I take this as an indicator that real estate values in the Lead-Deadwood area have (at least for the moment) stopped rising.

    I hope to live in this house until I bust my boots against the proverbial pail, so it's all the same to me -- although I'm shedding no tears over the prospect of having a zero increase in my tax bill this year.


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