I feel bad for Portsmouth

DISLCAIMER- this is just an opinion about what I read and see in the local paper and not to offend any resident of the city.

This poor city seems to be fighting for its life. Weekly I see stores about business failures, taxes, mis management , tolls . The most recent story I read today is about property values dropping. Normally I would say this is helpful for the long term resident who plan on staying in there home. If you look deeper dropping property values does nothing for them. Its only going to burden the city with more revenue loss and not a assessment rates might have to increased to balance the difference. Maybe Im simple minded but all this did was take the home sale values and drop them even more so when you do sell you have to take less.

Local business are footing the bill on the in crease of taxes. I can see this as a hit to any new business and growth in the city. Its so sad its a cycle that keeps them suppressed. How is Portsmouth going to fix there issues ? I don’t know that answer to that I know know maybe they need better leadership or people with better vision for the resolution

There are some positive notes for the city.
Foreclosure decreased annually from 585 to 495
Real Estate transfers increased from 2866 from 2649
Average days on the market dropped from 119 to 101
Median sale price dropped from 178300 to 166,00

Advertisements