Here's a news flash:
Beginning February 6, California state offices will close the first and third Fridays of each month. I realize we have a $40 billion-dollar deficit in California, but how are state workers going to survive this? It's estimated that state workers' income will shrink by 10%. Most people already spend more than they earn, unfortunately, so I expect this maneuver by Schwarzeneggger's administration will cause chaos throughout the state.
Not to mention, most people shudder to even think about going to the DMV.
Some state workers may end up having to sell their homes. Others may be unable to buy a home. This will dramatically affect home sales in Sacramento and surrounding communities as I suspect more state workers live here than anywhere else in California.
State workers who live in Sacramento should check the value of their homes. If it the market value is less than the assessed value, you might want to consider applying for a decline in value reassessment. You may be able to save yourself a $100 or so a month. It might not be enough to cover the drop in salary, but it's a start. Of course, it's also not going to put more money in the state coffers, but what else can a state worker do? Take a part-time job?
The Short Sale Savior, by Elizabeth Weintraub, coming soon to a bookstore near you.
Photo: Big Stock Photo
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Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
