OKC named 2nd Best City to "Ride out the Recession"

[adaniel]

I don't know if anyone posted this, but a recent Forbes article named OKC the nations 2nd best city to ride out the recession.

In Pictures: The Worst--And Best--Cities To Ride Out The Recession - Forbes.com

Oklahoma and its capital city were not traditional economic powerhouses. But crashing financial markets and soaring prices for commodities put this farm and energy state on the map. Commodities are down from their summer highs, but Oklahoma is a windy, sunny, farm state--well positioned for the energy future.

From what it appears, it bases its criteria on home equity, unemployment, number of homes underwater, incomes, and GDP growth. FWIW, Austin was #1, and Tulsa was #5. Cities like Dallas and Houston were noticeably absent. The worst cities were all "housing bust" cities on the coasts where unemployment in many markets is surging to 10% .

[OKCTalker]

"Lord, just give me one more oil boom and I promise not to **** it off." That lesson wasn't lost on me!

[betts]

Let's hope they're right. I'm hoping people are still buying houses.....

[Tex]

forgive me, what does "underwater homes" mean?

[bretthexum]

forgive me, what does "underwater homes" mean?

I think it's homes that are worth less than the mortgage owed.

[Tex]

I think it's homes that are worth less than the mortgage owed.

That's interesting, it doesn't surprise me that almost 12% of homes are underwater. I'm building a house in time for a December move, and back in May I studied many of the homes in the new additions I was interested in building a home in. Almost 100% of the time comparable homes were appraised at a value less than the purchase price. I searched the OK County Tax Assessor website. All these home builders in NWOKC and Edmond continue to raise prices on their homes because of OKC being rated recession proof. I don't think that should justify continuous price increases. They just want homebuyers to buy into the hype but they just end up with a home they payed too much for. Do you all agree/disagree?

[Kerry]

There is a difference between the fair market value of a home and what the County Tax Assessor says. The Assessor doesn't take in to account things like flooring, upgraded cabinets, the view, plantation shutters, subdivision amenities, and granite countertops (otherwise known as creature comforts). The Assessor basically uses things like age of home, building material, sq footage, number of bathrooms, number of bedrooms, and lot size.

[okcpulse]

There is a difference between the fair market value of a home and what the County Tax Assessor says. The Assessor doesn't take in to account things like flooring, upgraded cabinets, the view, plantation shutters, subdivision amenities, and granite countertops (otherwise known as creature comforts). The Assessor basically uses things like age of home, building material, sq footage, number of bathrooms, number of bedrooms, and lot size.

If only county tax assessors in Texas could do it that way. Bunch of f**kers.

[metro]

I wonder what made us drop from #1 to #2. Also noticed some new cities in the top #5 since this past summer. I'm glad they did put a better picture of Downtown OKC than before.

[Kerry]

I wonder what made us drop from #1 to #2. Also noticed some new cities in the top #5 since this past summer. I'm glad they did put a better picture of Downtown OKC than before.

If OU had beat Texas 2 weeks ago OKC would have been number 1.

[kevinpate]

so the status of OKC is dependent on how a group of Texans temporarily residing in Norman fare in Dallas against a group of Texans temporarily residing in Austin?

Somehow, I think OKC has a wee bit more going for it than that

[bombermwc]

We weren't completely absent from the impact, for sure. I just bought a home last month and the market helped me by reducing the cost almost $12K from it's origional asking price from 6 months before. There are sooooo many homes for sale, you really get your pick and get to name your price here. In the 1 square mile I wanted to buy in, it took a total of 3 weeks to decide which one I was buying. Only had to offer on 2 homes. Like I said, basically, you get to pick what you want and name your price. Interest rates dropped again so you even get a sweet deal.

One HUUUUUUUGE thing that will help, get that 20% down folks. We were able to do that and it saves you sooooo much money in the long run. So many people buy these days without that or even with 0 down and they get stuck with insanely bad deals. Buy responsibly and within your means. Even if you don't get a home as nice as you want, you can always fix it up as you go.

[jbrown84]

I'm glad they did put a better picture of Downtown OKC than before.

Yeah, much better pic this time.

[jsibelius]

If only county tax assessors in Texas could do it that way. Bunch of f**kers.

So how do they do it in Texas? Cuz I was pretty sure Kerry's description was about right. Except for that constantly rising assessment thing they do to get around having to vote on tax increases, I mean...

[russellc]

No the "constantly raising assessment thing" is keeping you from paying more. Most property is assesed at less than its market value. If we didn't have the 5% cap, you would be paying more. The 5% cap is to make your assessed value change more gradually.

I work for the Latimer County Assessor's office. We have many homes valued at $15,000 - $20,000 that could sale today for $70,000 - 80,000 or even more. The taxes on those homes are usually less than $200 while their neighbor who recently bought ther house (and who's value had to be changed to comply with the state auditor's ratio study) is paying $800 or more for an equal or even lesser house. The reason the assessed value hasn't been changed in my county is there hasn't been an assessor with the balls to do it. The 5% cap is there to make property tax Fair & Equal.

(sorry to hijack the thread)