Home Owners Trapped By Prices, Taxes
For many home owners in Florida the high cost of buying and the prospect of much higher taxes is preventing them from cashing in. The Palm Beach Post reports, "Don Todorich is one of many Palm Beach County residents who find themselves suddenly wealthy on paper yet trapped in their homes."I'd have to spend $500,000 to $700,000 (for a new home)," he said, "and my taxes would go to at least $12,000."
"It's not an obstacle for people moving out of the area," said agent Lauren Hollander. "They just can't afford to move down the street."
"This bubble has got to burst sometime," Mark Trudel said. "I just hope it's after I leave."