Redngold From United States of America, joined Mar 2000, 6907 posts, RR: 44
Reply 2, posted (8 years 10 months 1 week 2 days 1 hour ago) and read 1142 times:
Yeah, real estate bubbles are nasty... In 1986 there was a bubble in the Westchester County (NY) housing market... Prices were going up $30K a month. We just so happened to move during that time. Our $225K house dropped in value to $185K when the bubble burst a few months later... but wasn't reassessed for property taxes for nearly ten years.
Oh, and the same house at that time would have cost about $60K in the area from which we moved.