Worst Housing Market Ever? (money, financial, people)

[carolott]

Originally Posted by krakenten

Yeah, it's a lot worse than many other places.

Stuff gets by in Baltimore that would get you jailed elsewhere.

Baltimore reminds me of Chicago in the 70s. Especially the city government.

[jonjj]

Originally Posted by krakenten

Yeah, it's a lot worse than many other places.

Stuff gets by in Baltimore that would get you jailed elsewhere.

Sorry, I disagree. I am no expert on most other places but I have lived in a few and I find marketing techniques no different here than I had in Detroit, Milwaukee, or Boston. Maybe these three along with Baltimore are worse than the rest of the nation? Could be.....

[helenejen]

Obviously no one here has lived in Chicago for an extended period of time.

The Chicago of the 70s is the Chicago of today but with better PR and less swagger. My sister worked in the current Mayor's office for a number of years and then in the administrative offices in the Chicago police department, and oh the stories she can tell. Of course, these stories seldom compared to the stories of my father, who worked in the aggregate business, which meant being in business with those who vied for Illinois DOT contracts. Hello Sopranos midwestern-style! And most of the stories both tell never even made it to the papers, which I think shows what is the Mayor's greatest, though certainly not only, strength. Certainly something former Illinois Governor Ryan, who currently resides in federal prison, could have used some tips on anyway.

(And just as an aside, I still think the Mayor's decision to literally move part of Lake Shore Drive so that the area between the Shedd Aquarium and the Museum of Science and Industry could become a pedestrian area was brilliant, though I, like many Chicagoans thought he was crazy at the time. In terms of vision, I think the current Mayor Daley is a model for other urban mayors.)

That being said, the real estate business, regardless of location, is inherently corrupt, or, at the very least, inherently corruptible, meaning that those who want to cheat, lie, or steal have plenty of opportunity to do so. If it weren't, the real estate market wouldn't be what it is today.

[upinflamezzz]

Originally Posted by Annisette

From what I've been looking at, prices are still way too high. Weren't houses in Hampden going for $65K before the 2005 boom? With the way the news reports are about record foreclosures and people not being able to secure loans, one would think that fabulous deals in safe neighborhoods could be found all over the place for dirt cheap.

I think housing prices need to come down more.

Prices will come down, just wait it off. DO NOT BUY IN ANY DECLINING MARKET INCLUDING HOUSING. Those realtors want you to buy so they can make money. Don't do it. This mess won't clear for another 4-5 years. Look at what's going on. The rates are still incredibly low and people still aren't buying. These low rates are causing the American dollar to weaken hence causing inflation. Milk, bread, eggs, gas, etc are all rising in price because the world is saying since are dollar is wek it's going to take more of them to buy things. The FED WILL have to raise rates again to stop inflation and then everything is going to go wacko. Home prices are going to sink further and forclosures will increase. Why stay in house that you paid 400k for, but is only worth 250k? IT's just going to get really ugly and Greenspan realized it which is why he retired. Wait it out I'm telling you. If you don't believe me check out what Jim Kramer is saying about the market.

[jonjj]

Oh my God, the world is coming to an end!!!!! Actually, there are many variables in the market to consider; one very important one being fuel and it's rising costs. I don't see housing dipping that much lower in the city. Homes are still selling, just not as fast as they once were. If I was in need of housing, I would choose to buy over renting; especially in this market. Waiting?? Maybe until the election in November.

[barante]

Absolutely right, jonjj. Just look at the soaring materials prices and it's clear that this is the time to start looking. Every neighborhood will be different but one should be prepositioned to act before a new president is elected.

[jonjj]

The writing is on the wall. Just last week I listened to an interview with GM officials on NPR regarding the rising costs of materials to make a car. The price of steel has doubled in the last three months. Soon, gas won't be the only cost to incur; buying a car may become a very difficult task for the average Joe. Add to that, the fuel costs to heat a McMansion and more people will have to make some tough decisions.

[barante]

Again, right on the money, jonjj. Prices for fuel-efficient new cars will go through the roof. As for myself, I am practising defensive living. Just replaced the roof on the theory that those prices, too, will be going up. We also have booked several cruises in order to lock in today's prices, particularly air.

[upinflamezzz]

Originally Posted by barante

Absolutely right, jonjj. Just look at the soaring materials prices and it's clear that this is the time to start looking. Every neighborhood will be different but one should be prepositioned to act before a new president is elected.

That's called inflation just as I've said before. Inflation happens when the American dollar is too readily obtained. Banks are lending out money almost for free. The interest rates are too low, which is why material prices are rising. There is a huge fear within the FED to raise rates to control inflation. They do want to perpetuate the foreclosures. They are going to have to do it in order to save our dollar and when they do the rates will go up forces housing prices to fall further. Have any of you taken basic economics or do you work in the real estate field and are scared that your profession will pay. I say again DO NOT buy right now. Rates WILL rise and prices will fall further. The Realtor's Association is a shady industry. They have created a monopoly of the real estate market. Any time someone tried to sell a homes on the internet with lower fees or no closing cost they go crying to the government. 3% of your sale goes to the broker and the other 3% to the realtor not to mention $500 bucks to the person who listed it. That means on a sale of a $400,000 home $24,000 goes to the real estate industry. If you're gonna buy another house, then count on forking out more money for the closing cost. These people are doing a very minimal ammount of work and need to be paid accordingly. I say pay them per hour, the broker can pay their benefits and workmens comp and we the citizen get to keep all of our money. Anyhow, I got off course here, but just remember to hold off and you'll see that I'm telling you the truth.

[jonjj]

Originally Posted by upinflamezzz

That's called inflation just as I've said before. Inflation happens when the American dollar is too readily obtained. Banks are lending out money almost for free. The interest rates are too low, which is why material prices are rising. There is a huge fear within the FED to raise rates to control inflation. They do want to perpetuate the foreclosures. They are going to have to do it in order to save our dollar and when they do the rates will go up forces housing prices to fall further. Have any of you taken basic economics or do you work in the real estate field and are scared that your profession will pay. I say again DO NOT buy right now. Rates WILL rise and prices will fall further. The Realtor's Association is a shady industry. They have created a monopoly of the real estate market. Any time someone tried to sell a homes on the internet with lower fees or no closing cost they go crying to the government. 3% of your sale goes to the broker and the other 3% to the realtor not to mention $500 bucks to the person who listed it. That means on a sale of a $400,000 home $24,000 goes to the real estate industry. If you're gonna buy another house, then count on forking out more money for the closing cost. These people are doing a very minimal ammount of work and need to be paid accordingly. I say pay them per hour, the broker can pay their benefits and workmens comp and we the citizen get to keep all of our money. Anyhow, I got of course here, but just remember to hold off and you'll see that I'm telling you the truth.

I am not a realtor nor in that field. I have studied economics. I will leave it at that.