WHAT!?!? NO WAY????
By Andrew Stern
Wed Jan 10, 8:02 AM ET
CHICAGO (Reuters) - U.S. home prices may have dipped over the past year, but many American workers would still struggle to afford a median-priced home in major cities, a new study said on Wednesday.
"American workers are really not gaining ground and they're so far behind in the first place," said Barbara Lipman, research director for the nonprofit Center for Housing Policy, which conducted the study.
While the median home price in the 202 largest metropolitan areas declined 2 percent from a year ago to $248,000 in the third quarter of 2006, mortgage rates rose enough over the year that homes actually became less affordable as pay did not keep pace.
Maybe that is why NOTHING IS SELLING. The sellers are asking for too much!
A great question to ask a seller is this: "Could you afford to buy your house for the price you are asking?" Watch their face REALLY close. You will see a twitch, then a response, "Oh ya sure." That initial twitch will tell you that they are lying.
The biggest rip-off neighborhood in Chicago is Edison Park. Look it up then take a drive. The entry price for a small 1,000 sq ft ranch with 3 beds is $370,000 - $400,000. Maybe it has Central Air. Maybe it has a 2 car garage. If it does, it's probably falling over. What a joke.
Again, the Tribune has the median home price in Chicago at $283,000. That is alright if you do not mind bullets flying through your windows. Find me a 3 bed, 1.5+ bath, 2 car garage house north of Irving Park Road for $283,000! Look on realtor.com, there is not one house in 60631 for under $300,000. If you want a nice place to live in Chicago, you WILL pay. Then the government will tax you right out of it.
6 comments:
You don't have to live in Chicago to enjoy it. This is why Metra and the 'burbs exist. (Driving to the city sucks, so make sure to find a town with a Metra station.)
Sure, you give up some convieniences, Pace is less reliable than or as frequent as CTA, so you'll need your own wheels. But for housing you get a much better deal than you would in the city for half the cost.
Okay, that's great...live in the suburbs. That concept has become a dream of mine. However, my husband and I work for the shitty of Chicago, which means that we are legally obligated to live within the city limits. Failure to comply would mean losing our jobs. {We're vested and would be unable to make comparable salaries elsewhere}.
This archaic rule is essentially a violation of our civil rights. We lack a freedom of choice in housing. Although we knew about the residency rule when taking this job, we did not know that housing prices would inflate beyond what any reasonable family would be able to afford.
We don't qualify for any assistance programs due to our income level. The programs that we could take advantage of would have us living in the ghetto. Literally, the ghetto.
We want what everyone wants. A nice house-nothing extravagant-in a nice neighborhood. Chicago does not offer that anymore, except to the white collars. This is no longer the blue collar city that takes care of its own! The housing issue will be the impetus to bring that fact into the light!
Per the tag line on the top, this blog is about the City of Chicago, not its suburbs.
JUST WAIT TILL SPRING....the law of supply and demand will kick in.
what is with zittella builders ?
they keep building projects like its 2005. fine, bring on the inventory.
The Zittela condos at 3630 N.Harlem use to be a banquet hall. They dozed it and are doing the current project. I wonder how many bodies are in the foundation?
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