Monday, February 22, 2010
In our area prices of real estate have dropped 22% in the last three years, wiping out the equity of anyone who did not buy more than 4 years ago. Many real estate investors, builders and land developers have been completely wiped out.
In the time of Leviticus it was different.
Prices dropped 2% a year every year, year after year. When the value got to zero, you had to give the property back to the original owner. Talk about deflation!
8 “In addition, you must count off seven Sabbath years, seven sets of seven years, adding up to forty-nine years in all. 9 Then on the Day of Atonement in the fiftieth year,[d] blow the ram’s horn loud and long throughout the land. 10 Set this year apart as holy, a time to proclaim freedom throughout the land for all who live there. It will be a jubilee year for you, when each of you may return to the land that belonged to your ancestors and return to your own clan. 11 This fiftieth year will be a jubilee for you. During that year you must not plant your fields or store away any of the crops that grow on their own, and don’t gather the grapes from your unpruned vines. 12 It will be a jubilee year for you, and you must keep it holy. But you may eat whatever the land produces on its own. 13 In the Year of Jubilee each of you may return to the land that belonged to your ancestors.
14 “When you make an agreement with your neighbor to buy or sell property, you must not take advantage of each other. 15 When you buy land from your neighbor, the price you pay must be based on the number of years since the last jubilee. The seller must set the price by taking into account the number of years remaining until the next Year of Jubilee. 16 The more years until the next jubilee, the higher the price; the fewer years, the lower the price. After all, the person selling the land is actually selling you a certain number of harvests. 17 Show your fear of God by not taking advantage of each other. I am the Lord your God."
I'm guessing there were a limited number of real estate investors in Bible times!