Liberal utopia: Chicago leads US in underwater homes

emanuel

From MyFoxChicago: The U.S. housing market has been on the rebound in the aftermath of the 2008 financial crisis, but one major city has thousands of homes that remain underwater.

A recent report from the real estate website Zillow shows Chicago leading the country with 254,000 homes in negative equity. Twenty percent of the quarter million people with underwater mortgages owe double the current value of the home.

Los Angeles, the only other U.S. metro area bigger than Chicago, had 74,000 underwater homes, while San Francisco had 20,000.

Cities that were hardest hit by the housing crisis have rebounded. Less than 10% of homes in Las Vegas are underwater, and Miami has an underwater rate of 8.7%.

The appreciation of home values in the Chicago area has decreased over the years in part by crime, unfunded pensions and taxes.

DCG

11 responses to “Liberal utopia: Chicago leads US in underwater homes

  1. That’s what happens when a city keeps electing Demonrats for mayor and city council. Since Einstein said the definition of insanity is to keep doing the same thing but expect different results, Chicagoans must be insane.

    Liked by 4 people

  2. “The Blue Wave”!!! Ha Ha ~ What a joke, the left’s handy work, unfortunately, I think…by design.

    Liked by 4 people

  3. Coming from the place where many retiring from the school system making over $300,000 per year makes this no surprise. You can’t expect changes when you continue doing the same thing over and over. Electing someone that really doesn’t care makes it a massive problem.

    Liked by 3 people

  4. But, the reverse of the coin says that downtown Chicago is booming, renovated, big money business relocating there, good times rolling, is it true or plain blah, blah, blah? I believe what my eyes see and not the print.

    Liked by 2 people

    • McDonald’s just relocated their HQ downtown from the suburbs, and some big businesses are indeed relocating downtown as well.

      They just got some major incentives to do so, which we are not privy to. Otherwise, none of these moves into an already overcrowded area make any sense.

      Make employees give up their vehicles & rely on public transportation, gradually implementing Agenda 2030?

      Food for thought, and these people ain’t eating…

      Like

  5. Would we expect anything less? The ten worse cities and states to live in have all been run into the ground by Democrat/Socialist, administrations.

    Liked by 3 people

  6. Meanwhile my property values are hitting new highs.
    Hopefully we will overprice the cancer known as californians from moving to Colorado

    Like

  7. My greatest concern Aunti Lulu is the Lefties running the federal government Republicans may be in the majority, that have no clue how to push the ball down the field, Thanks for your comments, J.C.

    Liked by 1 person

  8. Chicago has been hit very hard, no doubt (I see a lot of it) – I just don’t believe the rest of the country has rebounded like the article says.

    Like

  9. I can never get over these type of articles that imply that economics is some mystical enterprise. It is the most controlled and contrived activity humans can engage in. I knew a doctor of economics once and I couldn’t help but laugh every time he reminded me of it.

    “Sell high, buy low”. There, here’s your PhD. All the rest is contrivance and obfuscation. Assigning “godlike” powers to “markets” or “trends” is idiotic. Those who engage in these speculation may do better at the casino. Of course, it is always good to remember that they didn’t invest in building those flashy hotels without some good indication they’d get their investment back.

    So, for those who can’t resist going “all in” for a ridiculously over-priced house with a loan that’s debt service requires another income, “surprise” is probably not the emotion some of us expect to see when reality meets mysticism.

    When coupled with the fact that these loan outfits aren’t even dealing with real money, all a person is doing is enslaving themselves to an infernal system of theft. None of it will stand any serious scrutiny. It should not be a surprise to anyone.

    Liked by 2 people

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