I live in a part of the country that is really economicaly depressed, El Paso, Texas, where the yearly average income is around $14,000 dollars yeah you heard right. Our city and county gov't say that in order to maintain we have to increase taxes. Okay, that is a fact of life, i realize that but damn not every year, and then to re-assess my property value every year so they can get more out of me. I bought my house in 1997 at a price of $100,000 put $30,000 down(i had just returned from Saudi Arabia) got a 8.25% fixed rate loan. and my payments were including taxes, insureance and principle and intrest $867. Fast forward to 2003, we refinanced at 4.15% payment was $607 all inclusive, from Jan 2006 up until Oct 2007, the payment had gone up to $802 due to revaluation of my home, now valued at $210,000. Luckily we paid it off in Oct, so now all we pay is insurance($78 a month) and taxes ($4896 a year). I consider myself lucky to be able to afford to pay off my home, and be able to support my family, but there are others in this city who are losing their homes because of stupid ARM mortages and the ever increasing property taxes. In the years since i bought this house i have seen my appraisement go up at least 20% a year, while my salary only goes up 4.4% or less a year. I am retiring this year, and my better half will be the bread winner, we will make it, because I think we have a good financial plan, and I just glad we were able to pay off our home, if we hadn't I would still have to work.
Okay, back on topic, some of the bands i have talked too can't wait to get over here right now with the low currency exchange, because their Euro buys a hell of a lot more here, in fact there are arranged shopping tours by some airlines(Virgin Atlantic), where people come over for 2 or 3 days shopping, just because of the currency rate.