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"Taking Shelter" from Soaring Property Taxes and Decreasing Home Values

It's no secret homeowners have been feeling several pinches to their pocketbooks in the past few years. The housing bubble has burst, and homeowners are no longer benefiting from home equity appreciation which had hit historic highs.

These decreases in home values have been accompanied by increases in property taxes, forming a "one-two" punch which is sending homeowners reeling. For 2007 statewide in Indiana, a 24 percent increase in property taxes is projected. Some areas are seeing increases as high as 70 percent. For Indiana in 2008, an eight to 11 percent increase is expected. The adjustment of the homestead credit will determine exactly how much the 2008 increase will be. For 2009, Hoosiers can expect property taxes to increase yet another 10 to 15 percent!

Mortgage lenders offering sub-prime adjustable rate mortgages are the third strike for many home buyers. As interest rates have escalated, home buyers with adjustable rate mortgages have seen their house payments skyrocket. In many cases, homeowners have defaulted and left their homes.

This housing market "perfect storm" has convinced many people to KISS -- Keep It Super Simple. People are down-sizing to smaller homes, or moving into homes with lower assessed value for tax purposes. This current market also favors the purchasing of factory-built housing, also known as "systems built," "modular," or "manufactured" housing. By eliminating cost disadvantages of on-site construction, factory-built housing is a high-quality, cost-effective solution. Houses are built in a controlled environment, unaffected by weather and other variables. Consistent quality, timely completion and cost-efficiency are the end results. Factory-built housing allows buyers to purchase more home per-square-foot. A new factory-built home can be purchased for $50 per-square-foot, compared to a new site-built home typically costing $95 per-square-foot. The reduced mortgage amount also means the homeowner will incur a lower property tax assessment.

Factory-built homes arrive at the site nearly completed, for more savings. House sections assemble quickly, and utilities hook-up immediately to allow timely interior finishing. For a single-story ranch, large Cape Cod or two-story over a basement, let Premier Homes help you overcome the pitfalls in the housing market.

If you would like more information on finding the right manufactured home for you and your family, contact Premier Homes at (800) 875-8575 or email us at info@premiermfghomes.com.

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