How Much Would You Pay?

Jon Hockenyos makes a radical proposal that cities should establish their own terms for how much local property is worth, free of "market value", in order to unstick frozen property markets.
March 20, 2010, 1pm PDT | Tim Halbur
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Hockneyos writes, " might be possible to form a consortium of local (ideally, locally-owned) banks who could agree on some common standards for valuing real estate for collateral purposes (perhaps some figure at, or close to, the appraised value of the property for tax purposes). This is a departure from standard practice, as the 'market' value of the property is generally considered the appropriate measure. However, right now there is no market in many places, and the absence of transactions makes an accurate measure of the market value impossible much of the time."

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Published on Friday, March 19, 2010 in
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