Home Prices Drop Again
- Home prices in the Chicago area fell in November for the third consecutive month, putting them back at May 2001 levels, according to a widely watched index released Tuesday.
The S&P/Case-Shiller home price index found that in November, housing prices in the Chicago area fell 3.4 percent from October and were down 5.9 percent from a year ago. Other than Atlanta, Seattle, Tampa and Las Vegas, Chicago had the greatest year-over year price decline of the 20 markets studied.
"I can only imagine how frustrating this market is for Chicago," said Zillow chief economist Stan Humphries. "The current rate of price depreciation is on par with the darkest period of the housing recession in Chicago, from November 2008 to March 2009, when monthly price depreciation averaged 2.4 percent. It's fundamentally a reflection that housing supply in the (metropolitan area) far outstrips housing demand."
Labels: we got nothing
posted by SCC at 12:03 AM
45 Comments:
SSC:
How about a "Countdown clock" on the top of the site until the start of the G8 NATO fun ?!?
Will residency be on the table by the FOP?
buy ammo
Its about incomes.
Your house is only worth what someone is willing and able to pay for it.
So even if we were to miraculously get the mandatory residence clause lifted who could go anywhere?
That's why it wouldn't shock me to see that weasel Rahm toss that around in contract negotiations.
Yep and the State tax breaks to "create and/or save jobs" isn't working either.
$34 million dollars in tax breaks is being returned by the CME Group, CNA Insurance, and Bank of America.
Then after the money that was thrown at saving Sears we learn this,,,
=========
CIT keeping Sears on a short leash: sources
CIT is keeping the operator of Sears department stores and the Kmart discount chain on a tight leash, the sources said, after the company posted 18 straight quarters of sales declines.
Sears is scheduled to report annual results on February 23, when Chairman Edward Lampert typically publishes a letter to shareholders. The hedge fund manager is Sears' largest shareholder and owns directly and through related entities about 59 percent of the retailer.
CIT and other finance companies, known in the industry as factors, provide short-term loans to manufacturers while they are waiting to be paid by those receiving their goods or services. CIT's payables represented less than 5 percent of inventories, Sears has said in the past.
If lenders like CIT refuse to finance Sears' suppliers, it could force the retailer to draw on its line of credit to pay for goods up front. If too many vendors seek prepayment, banks could be pressured and cut back on lines of credit for Sears, making it harder for the company to buy inventory.
CIT, run by Wall Street executive John Thain, had initially halted loans to Sears suppliers in early January, just weeks after the company posted dismal holiday sales numbers and said it would close as many as 120 stores.
It now seems like that was a temporary arrangement.
more >> http://www.reuters.com/article/2012/01/31/us-sears-cit-idUSTRE80U1BZ20120131?feedType=RSS&feedName=globalMarketsNews&rpc=43
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Follow the money trail.
If the banks raise Sears borrowing cost the Illinois taxpayers tax break money will basically be funding Sears increased borrowing cost.
The money for the Sears tax breaks originated from the temporary individual social security payroll tax cuts that Illinois took away with the corresponding State income tax increases.
The money went from the Fed to us -- then to Illinois -- then to Sears -- then to the Banks.
Once again the banks end up the winner though the magic of smoke and mirrors and a little bit of what some would call a money laundering type RICO operation.
No-one worked and earned anything. It's all politicians picking the winners and losers. They just robbed millions of peoples retirement funds and gave it to the banks that's all.
This was also in WSJ yesterday. It is generally in issue in the entire country not just a Chicago-issue as portrayed by The Trib.
Prices are like gravity: what goes up, must come down. They were falsely high by 2002, so now that they are actually back to a more normal level, maybe we can begin to normalize.
When the criminal empire that is Illinois politics changes, so will the home prices. I am not holding my breath.
A movement has to start. The bathwater has to go, even if the baby is still in it. These guys are a mess that can not be fixed.
All incumbents out. EVERY LAST ONE OF THEM.
This VIDEO sums it all up :)
I'm really underwater with my home. Any ideas on what to do? I wouldn't mind selling but nobody's gonna buy my house for what I need. I'm tired of putting money into something that I'm not going to see improve for years. My life situation changed since I bought the house (kids) and I'm afraid of not being able to afford my house anymore.
Does this also mean that our Property Taxes will drop also?
I doubt it with the Crooks in charge in this city and state!
Da Pelon
Chicago is on a fast track to become the next Detroit. This town is just a stepping stone to the WH for the Racoon.
And Illinois was declared the second worst state to retire in.
Worst states to retire in
I've been trying to sell a house for 2 years. Not asking an outlandish price at all. But because it's a 2-flat I'm hanging on because the lowball offers suck. These people are really fucking up this city.
Google "Tulip Bulb Craze"
Is a tulip bulb worth $76,000? It is if people are willing to pay that much for it and that’s exactly what happened in Holland in the 1630′s. If it sounds unbelievable, you may have never heard of Tulip Mania. The story began in 1559 when Conrad Guestner brought the first tulip bulbs from Constantinople to Holland and Germany, and people fell in love with them. Tulip bulbs quickly became a status symbol for the wealthy as they were beautiful and hard to get.
The market always determines value and cycles have always occurred.
And maybe crook county can explain the steady rise in real estate taxes, I'm paying thousands more. And losing every appeal, without explanation.
Will residency be on the table by the FOP?
Lets hope then your home will be worth even less and no one to buy it. I rent and laugh all the way to the bank.
Can you say Chicago is the next Detroit, Cincinnati, Miami, Gary or Newark......yes we can
Anybody else think Mitt Romney's a RINO, Republican in Name Only? Kind of a Wierdo...Newt looks better everyday....
Anonymous Anonymous said...
Will residency be on the table by the FOP?
2/01/2012 12:10:00 AM
By the time the jagoffs coming to the summit leave downtown residency will all be in tents after the destruction they will attempt,and maybe accomplish!
Will residency be on the table by the FOP?
Lets Hope
Home prices in the Chicago area fell in November
That why I rent.....so guess what I don't care
I bought my home in Mount Greenwood 5 years ago for $279,000 was going to put it on market but was told it is only worth $205,000. I owe more then its worth WTF.
Live within your means.
Don't buy a house bigger than your needs.
Pay off your credit cards.
Plan on breaking even with your house when you retire.
Diversify your portfolio. Don't put everything in one fund.
Breitbart says the Occupy Wall Street movement was for recruiting radical rioters for the G-8. They claim they are bringing 50,000 rioters. Good luck, stay safe.
To the comment about residency being on the table - sure, the next contract negotiations will go something like this: City: we let you live outside the city- but you will still be required to buy city stickers. In exchange for this, all we want are the following concessions: duty availability, medical, uniform allowance, holidays, and one viable kidney (McDrunk will need a replacement soon). That sounds fair doesn't it?
God I can't wait to leave this cesspool of a town!
Didn't you hear Rahm talk about solving the state's financial problems the other day? He said he was going to push to DOUBLE your property taxes.
That way they can have twice the money to piss away on the connected.
But don't worry. Just don't vote again like the last election that put him in office. You're too busy for that. You can't be bothered with little things like voting for someone who wants to steal you pension and tax you out of your fucking house.
The dumbest move I ever made was to buy a home in Sauganash for $800,000. Yes, 800K! The smartest move I made was to walk away from the home. For some of my coworkers who bought at insanely high prices, they are dreaming that prices will come back and then go higher. I am glad I no longer have to pay a mortgage on an upside down house.
Wow, yeah, SCC, to continue illustrating the trend --
I heard radio stories (WBBM "Noon Business Hour" is good -- sometimes you have to read betwen the lines, but a lot of the time they're saying "disaster" straight out) that "consumer confidence surveys dropped again in January after rising some during the holidays."
What happened for Black Friday was just people fooling themselves. "Everything's OK, I'm gonna go get the good stuff!" They dragged in a 60" big-screen -- then had "buyer remorse" when they got it home, i.e., how the hell am I going to pay for it.
There were MASSIVE returns of consumer electronics and everything else -- this was openly reported in mass media, it amounted to billions of dollars. I have pix of the return department at a Target store -- so much stuff that there wasn't room behind the counter for it all, full back there and six or seven shopping carts of stuff lined up where they had room. This was day after day for several days.
Not good...
...and Emanuel and his brother Ari are going to Lollapalooza and scheme and steal this city to death.
Miles of planters and trees and banners and new sidewalks and coy little sculptures and gateways in front of empty stores.
The Daley way is the Emanuel way. 85 MILLION DOLLARS budgeted for a whole new Navy Pier; it'll probably be $850 million by the time Daley/Vanecko Construction gets finished...
They can fill in with the rubble that used to be Michael Reese...
...or did they use it to enlarge the "Bird Hospital" where Meigs Field used to be?
I just got my 2012 property tax in the mail... Wait for it... The taxes went up again, how can this be I wonder? My home value is dropping faster then a gangbanger on the west side. WTF??
I wish I was a renter.
"No-one worked and earned anything. It's all politicians picking the winners and losers. They just robbed millions of peoples retirement funds and gave it to the banks that's all."
--2/01/2012 03:50:00 AM
Yo brother, this is the whole thing. I mean, Obama gave that "green-save-the-world" solar-cell company, Solyndra, $450 million of our money and it vanished.
It's not like the cash was raked onto bonfires and burned, like we used to burn leaves. SOMEONE'S got it.
The same with the SECOND Obama giveaway to some "green-save-the-world" rechargeable-battery company. It's also gone under, and no trace of the money.
Banking is merely organized crime today...and the names. Fifth Third Bank, Integrabank, WinTrust (!), and the latest is Old Second Bank.
Remember Wachovia Bank? Another big inside joke. Say that in a Joisey accent. "We'll watch over ya."
C'mon.
These people are laughing at us.
I'm gonna go to WaMu. Oops...disappeared.
*
"Is a tulip bulb worth $76,000? It is if people are willing to pay that much for it and that’s exactly what happened in Holland in the 1630′s. If it sounds unbelievable, you may have never heard of Tulip Mania."
--2/01/2012 07:34:00 AM
Want to be able to stand firm on the quarterdeck and steer a straight course through all of the hysterias and fads and fashions?
The book you need is Memoirs of Extraordinary Popluar Delusions and the Madness of Crowds.
"Extraordinary Popular Delusions and the Madness of Crowds is a history of popular folly by Scottish journalist Charles Mackay, first published in 1841. The book chronicles its subjects in three parts: "National Delusions", "Peculiar Follies", and "Philosophical Delusions". Despite its journalistic and rather sensational style, the book has gathered a body of academic support as a work of considerable importance in the history of social psychology and psychopathology.
"The subjects of Mackay's debunking include economic bubbles, alchemy, crusades, witch-hunts, prophecies, fortune-telling, magnetisers (influence of imagination in curing disease), shape of hair and beard (influence of politics and religion on), murder through poisoning, haunted houses, popular follies of great cities, popular admiration of great thieves, duels, and relics. Present day writers on economics, such as Andrew Tobias and Michael Lewis, laud the three chapters on economic bubbles."
Reade for free, .pdf files available easily on the Web.
http://en.wikipedia.org/wiki/Extraordinary_Popular_
Delusions_and_the_Madness_of_
Crowds
The more things change, the more they stay the same...
I have a home equity line of credit that I have had for yesrs to pay copllege tuition for my kids. The bank sent me a letter to say that I would have toredo it, I had a walk thru with their appraiser and he totally low balled my house value, I still got the renewed loan but when I complained about it at the closing the bank said they always do that on lines of credit but not on new mortgages. They valued my home at about 85,000 less then it was appraised at 2 yrs go. citing 3 homes for comparision that are shacks compared to mine. These banks do truly suck.
Yes, but when you walk away from a home, you screw up your credit big time, my friend thought that he was free and clear, but when the bank sold his house and got what they could on a short sale, they placed a judgment against him and now he is going to court because they want about 150,000. So you are not out of the woods when you walk away. Get some good, solid advice from a good real Estate lawyer before you do this, you may be forced to live on the streeet.
Breitbart says the Occupy Wall Street movement was for recruiting radical rioters for the G-8. They claim they are bringing 50,000 rioters. Good luck, stay safe.
2/01/2012 10:19:00 AM
=======
If there's gonna be 50,000 rioters there's probably gonna be 450,000 peaceful protesters along with them.
That's how those coward black bloc factions operate. They use the people that have bought into the peaceful protest aspect as tools and in the end the media thrives on the violence.
The problem will be sorting it all out....assuming anyone wants to sort it out.
We could just stereotype them all as trouble making punk/criminals..Ya know like what happens when a cop gets busted for distributing cocaine. We know that all 13,000 Chicago cops are doing that right?
Stereotyping, profiling, call it what you will. Time will tell..
Banking is merely organized crime today...and the names. Fifth Third Bank, Integrabank, WinTrust (!), and the latest is Old Second Bank.
Remember Wachovia Bank? Another big inside joke. Say that in a Joisey accent. "We'll watch over ya."
C'mon.
These people are laughing at us.
I'm gonna go to WaMu. Oops...disappeared.
---------------------------------
Right-on, right-on!!
It's like a third world country with all the politicians bought-off via "campaign contributions" and providing cover for these crimes.
Maybe they'll pull out one or two of the lower-level thugs to provide us all with a dog and pony show, like they care, for re-election purposes right?
Will residency be on the table by the FOP?
Lets hope then your home will be worth even less and no one to buy it. I rent and laugh all the way to the bank.
2/01/2012 08:14:00 AM
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Sure I wouldn't doubt it.
If everyone's home is 20~30% underwater they can't sell and move without taking a huge loss therefore it's a way of offering something in negotiations that is worth nothing.
In the private sector we see something similar all the time with stock options.
A corporation gets into financial trouble and freezes wages. At the same time they award stock options that were once restricted to only the executives to even the janitors. Everyone thinks they're going to make big money however the reason the stocks were so easily handed out is that the exec's know the stock is going no-where until after the stock options expire.. The propaganda that is put out to sell this to the employees is jaw dropping and most refuse to do any critical thinking about what is going on.
So yeah..don't be too surprised if residency is put on the table as a tool so they can tell you that they gave you something when they really gave you nothing...nothing you can use.
The dumbest move I ever made was to buy a home in Sauganash for $800,000. Yes, 800K! The smartest move I made was to walk away from the home. For some of my coworkers who bought at insanely high prices, they are dreaming that prices will come back and then go higher. I am glad I no longer have to pay a mortgage on an upside down house.
2/01/2012 11:26:00 AM
Something tells me that that buying a house you couldn't afford is not the stupidest thing you ever did.
You bought a house you couldn't afford. You had a lot of company. Somebody tell the President we, the taxpayers, don't give a damn about people that BOUGHT A HOUSE THEY COULDN'T AFFORD. Now please go away.
Love it or list it!
This was also in WSJ yesterday. It is generally in issue in the entire country not just a Chicago-issue as portrayed by The Trib.
Prices are like gravity: what goes up, must come down. They were falsely high by 2002, so now that they are actually back to a more normal level, maybe we can begin to normalize.
2/01/2012 05:07:00 AM
The housing prices are less than normal. I paid 250 for my home in 97. It went up a lot yes (to about 430) but it is now worth less than I paid for it even back in 97. Fortunately I don't owe much on it but still, that is a tremendous drop. It should at least be valued at 300 after 15 years. Amazingly my taxes are through the roof and not reduced to the amount they were when the house cost 250!
The days of the million dollar bungalow are over and not returning.
Yes, but when you walk away from a home, you screw up your credit big time, my friend thought that he was free and clear, but when the bank sold his house and got what they could on a short sale, they placed a judgment against him and now he is going to court because they want about 150,000. So you are not out of the woods when you walk away. Get some good, solid advice from a good real Estate lawyer before you do this, you may be forced to live on the streeet.
2/01/2012 05:18:00 PM
This is the difference between truly walking away from the property and getting the bank to sign off on a short sale.
(If the bank signs off, your credit is only damaged to the point you failed to make mortgage payments - anywhere from three to maybe nine months. No future judgements to worry about.)
Failing to make several mortgage payments, though, puts you in a very bad credit position, anyway. You may as well revise your outlook on credit and decide to live within your means, paying cash all the way, for about three years.
Will residency be on the table by the FOP?
Where would you go??? Have you seen what property taxes are in the suburbs!!!
Just wait until this city goes broke houses will be 10-20k like Detroit.
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