re: Slowest Housing Markets - Louisiana has 3/12

quote:

---

have a neighbor, nice house, they say mortgage is paid off. They moved about an hour away to be closer to grandkids. In today's market, house is probably worth $275k max. Listed for $450K. Over 7 months they have dropped it to $430K. The kicker is... it's on the property tax rolls with a value of $175K. With homestead exemption they are only paying tax on $100K of value. I'm curious what they will do when the proeprty insurnance bill comes due. Probably pretty low carrying costs except for that.

---