Nothing to See Here!!!
- Conversations about the current housing market often have good news/bad news scenarios. Case in point, a recent report from Zillow, the real estate website, shows the share of homeowners across the country who are underwater on their mortgage is 9.1 percent, falling below 10 percent for the first time since the housing market collapsed more than a decade ago. Good news, since the average U.S. home lost more than a quarter of its value when the market crashed, Zillow says, sending millions of homeowners spiraling into negative equity — in other words, their homes’ values were lower than their mortgage balances.
Now the bad news: While most of the nation appears to be rebounding when it comes to the housing crisis, Chicago is not faring so well. According to Zillow’s 2017 Q4 Negative Equity report, the city has the most homes with negative equity of all the metro areas in the country. The real estate website looked at estimated home values in relation to mortgage debt and lines of credit associated with homes in over 870 metro areas, 2,400 counties and 23,000 ZIP codes across the nation to arrive at data that reveal Chicago has 253,725 homes where the owners owe more on their mortgages than their houses are worth.
But hey, all that construction downtown for childless tech-types who aren't going to raise their future spawn in a bankrupt city overrun by the unaccountable - that'll save everyone.
Labels: money questions
posted by SCC at 12:01 AM
46 Comments:
Lol, I mentioned it on here earlier in the week about my friend who owns rental property, just had his taxes raised on his rentals by 40% on one building. Rham�� How are the people supposed to survive if you rent supposedly should go up by 40% to keep in balance with the market trends. I have always know it that if a landlords expenses go up, so does your rent.
I mean, sheeesh, does the demacrats care about the working class or just the illegal ale-e-yuns, criminal types, and the people who don't know if the are a boy or a girl... what gives with that party?
LOL!
So...
Perhaps all creatures great and small should
line up and take turns kicking Realtor Cop's
ass until it falls off the bone?
This only puts a name on the ill wind
that's blowing through Chicago in spite of
Rahm's assholery, bluster, bullshit, busy-ness, distraction,
diversion, evasion, fuckery etc...
"Chicago is BOOMING!"
>Gunfire echoing from the south & west sides<
Rahm has deliberately taken a shit on working/taxpaying
middle class neighborhoods by spending every spare nickel
on downtown...
Arterial and side streets are atrocious.
Vehicular flow is at a nearly constant crawl.
No major investment in infrastructure outside
of downtown etc.
It's as if Rahm is saying that taxpayer lives don't matter.
How many people will lose their houses because of all the increased taxes and fees.
How about if you sell you have to give money to the agent, closing lawyer, Obamacare, state closing, Cook County closing and the city closing tax. Who could sell with all the greedy DemocRATS.
They are taking all your money.
One more reason why living in Chicago is not a good thing. Not only is your home not worth what you owe on it, you pay very high property taxes for the privilege of living in it.
Hear yee, Hear yee! Real Estate Guru Extrordanaire in the town’s square to tell yee to buy up this prime real estate posthaste! For thine inventory shall not last forever. Nay! Thine inventory is liquidating at an alarming pace.
not mentioned is the big gap between actual selling price from asking price.
it is still a strong buyers market with low inventory but still glad i got the hell out.
there is still a glut in distressed property.
Taxes go up? Home prices go down.
Anonymous Anonymous said...
LOL!
So...
Perhaps all creatures great and small should
line up and take turns kicking Realtor Cop's
ass until it falls off the bone?
This only puts a name on the ill wind
that's blowing through Chicago in spite of
Rahm's assholery, bluster, bullshit, busy-ness, distraction,
diversion, evasion, fuckery etc...
"Chicago is BOOMING!"
>Gunfire echoing from the south & west sides<
Rahm has deliberately taken a shit on working/taxpaying
middle class neighborhoods by spending every spare nickel
on downtown...
Arterial and side streets are atrocious.
Vehicular flow is at a nearly constant crawl.
No major investment in infrastructure outside
of downtown etc.
It's as if Rahm is saying that taxpayer lives don't matter.
6/05/2018 12:33:00 AM
______________________________
If you haven't figured it out by now, Taxpaying Citizens and CPD Lives don't matter. You aren't reliable Chicago Machine Democrat Voters anymore. And you don't kick in enough in "campaign contributions" or be political volunteers to make up for it. As far as the Chicago Politicians are concerned, the sooner you leave or die off, the better. You are no more useful to them than a Cook County Republican.
Chicago residential property falls into two categories: shitholes and future shitholes
No thanks
This is something Captain Re Max does not talk about. Taxes on rental property go up 40%. Where does the lease go in the next term? A 40% increase in the rent. That is the Chicago way.
Home prices in the 'Ville have never been better. However, no one ever sells. They stay here forever.
JP Morgan’s Head of currencies, commodities, and EM research, Luis Oganes, expressed his take on gold prices in the coming years.
Key Quotes:
“Not surprised if gold surpasses the $1,700/oz target set for next year.
https://www.fxstreet.com/news/gold-bullish-outlook-intact-jp-morgan-201805250502
I bought my house in the early nineties when you actually had to qualify for a mortgage. Then a few years later, mortgage companies were forced to finance everybody. These are the fools which are going belly up.
falling real estate values sure hasn't effected the amount of tax money the county wants.
And now that Berrios is finished and the "reformers" will be in charge, they will reassess property values and the already high taxes will scream even higher.
The taxes on your home will be like a second mortgage that never goes away and keeps going higher, taking more and more of your money.
House values will drop even further.
Not hard to see soft property values. Illinois is #1 state for people moving out. Can't take you house with you.
" I have always know it that if a landlords expenses go up, so does your rent." Not CPD or even from the midwest, but this statement does not hold true on the west coast where the democrats have passed rent control. The landlord, who must be rich by definition, has to eat most of the increases. Buy votes with other people's money. Too bad because rental property has always been a good retirement investment.
To answer SCC's question. The high end areas will survive and prosper; like they do in every third world city. The rich will hire security and the those in power will allocate public resources to ensure their safety.
Those of you who are forced to stay in Chicago will take it in the neck as the democrats continue to move public housing projects into the middle class neighborhoods destroying the schools and the property value.
Speaking of public housing projects, can anyone tell me why they only have a life expectancy of 50 years? I just have never understood how people can ware out a building in 50 years.
I am from a police family with five of us doing 30 to 40 years each. Love the job, but wouldn't be a CPD officer at three times the pay. Good luck to you all, quit when you can and move south.
Few of my neighbors and friends register their vehicles in the burbs but live in the city. Window sticker is $100. Property Taxes are high as hell and going up by 3% soon. CPD pays well but it almost seems as we’re forced to give back everything we make. Bottom line is, you just can’t get ahead in this city. Every other city department makes close to $50 an hour.. It’s as if $50 an hour is a standard for all. SS and DOT employees shoveling dirt make more than a cop. Hoping this city bankrupts soon, pensions pigs collecting 10k+ checks a month might need to adjust, but you’ll survive like the rest of us, on less. We need a MAJOR RESET.
I think I have solved the mystery as it relates to the mortgage on homes and the lower actual value of homes in the Chicagoland area. Keep it on the downlow, but the real cause in the low value for homes in the Chicagoland area is "TAXES, TAXES, TAXES AMD STILL MORE TAXES"!!!
For more than 20 years now, the controlling "democRAT" party in the city, county, and state, have ignored fiscal responsibility year after year. Any 10 year old knows that they can't keep spending without bringing in more money or cutting back their spending. These "IGNORANT IDIOT'S" that are responsible for the fiscal debacle are more than irresponsible, THEY ARE CRIMINALLY RESPONSIBLE AND MANY SHOULD BE IN JAIL FOR THIS AS WELL AS OBVIOUS CONTINUAL MONOPOLISTIC CONFLICTS OF INTEREST THAT ARE STILL OCCURING PRESENTLY! Illinois is doomed until this issue is addressed and their behavior outlawed!
The bigger problem here, how can property owners survive in the city. The prices on homes as they relate to the rent is unsustainable. Between the taxes, the parking problems, the actual price of a home, and the rent that a home can generate, it is a losing proposition to own real estate in the city of Chicago. The numbers don't work for everybody but the democ"RATS"! The most amazing thing is they continue to spend money they don't have and are always looking for ways to raise taxes....ALL THIS WHILE THEY IGNORE PENSIONS, MURDER AND MAYHEM, INFRASTRUCTURE, AND THE TAX PAYING PUBLIC'S SAFETY AND SECURITY.
The master plan:
Raise the taxes, lower the values, reducing any equity gains to make it near impossible to sell.
It worked for awhile in 1920-30’s Europe.
But if you stay put you’ll get a goat, 2 chickens, a bushel of beans and have to wait in line for day old bread on Wednesday’s.
Another plan is force everybody without substantial income to move and convert those single family homes to Section 8 with the backyard to have mandatory shipping container homeless encampments.
The groundwork for a selective network of colonization is no longer creeping along.
Local tyrant governors like Section8’Arena hope to get this plan going before Feb 2019.
Democrat committeeman Hennigan has a vision for a similar dismal geographical enclave to enhance the 41st Ward.
More entrenched welfare recipients = more votes.
That was quite a last sentence!! Whatcha be talken about?
This means nothing compared to the Migration crisis that is going to destroy the world in 10 years. Asia and Africa are going to burst, Europe, South America, North America, and Australia will be destroyed unless they have the political will to defend their borders.
...And m/fers have the nerve to wring their hands
and wet their eyes about smart people picking up
and fleeing Chicago and Illinois?
Some nasty, feckless fuck had an op/Ed up
at one of Chicago's riotously rotting rags not
too long ago about this phenomenon...
The gist as we remember it?
"Fuck you selfish cowards fo fleeing the liberal
democrat progressive collectivist utopia of Chicago!"
Seriously!
The tone was so petulant and redolent
of white-guilt butt-hurtyness as to actually
be howlingly funny.
It was most assuredly NOT sarcasm!
There was a definite tone of liberal desperation to it.
Kind of like the collective gasp at Daley Plaza when
Chicago was bounced from consideration for the 2016
No-lympics.
Lol!
Nothing like soft and squishy but fanatical
liberal Alinskyite true believers suddenly
realizing that THEY might get eaten first
after all in spite of their best efforts at
pandering and what not.
Taxpaying working chumps are sick of
getting chumped so they're voting with
their feet since they realize they've been
nullified at the ballot box here in Chicago.
Look.
Point & Laugh.
Leave.
Perhaps this "gospel" at SCC has gained
currency with the rest of law-abiding/tax paying
everybody else?
We predict that America's democrat controlled
urban centers will implode...
Decent law abiding people are fleeing to
red-state, small town America and are taking
their treasure with them which is causing the
big city progressives and newspaper editorial
boards to lose their fucking minds.
The additional butt hurt on top of Hill-Dawg losing.
Now they have no hope of punitively reversing
this trend in order to keep their bastions from
hollowing out.
Heh!
Nobody left to pay for "free shit."
Thus the progressives get eaten first...
Chicago's property market is as diverse as the snow flakes in the winter. Just as two different snow flakes are not alike. Neither are Chicago's different neighborhoods. A lot of Chicago neighborhoods are booming. Lot's of luxury apartment towers going up. Did you know that if Chicago was a country, then we would have the 17th largest economy on the planet? Guys and gals, take a deep breath. The sky is not falling. Hahaha.
Anonymous Anonymous said...
One more reason why living in Chicago is not a good thing. Not only is your home not worth what you owe on it, you pay very high property taxes for the privilege of living in it.
Guess you didn’t quite read the article and understand the numbers. You chose to say your home is not worth what you owe on it when in fact the article says 9.1% are underway the lowest in a long time. That means over 90% of Chicago homes are worth more than what you owe. Not bad figures
Secondly the city property tax are low compared to the decent suburbs check out the property taxes in Park Ridge, Glenview, and the northahore
Perhaps the decrease is due to homeowners becoming renters as they throw in the towel.
Renting is your best option in Chicago. Can’t see real estate prices climbing dramatically
Here is my 2 cents... Get the fuck out of Chicago as fast as you can.
Not in any neighborhoods where you’d want to raise your family. Those markets are extremely high and are only trending upward. Take a look at the markets in 016, west end of 008 and 022. All at the high end and not budging.
Someone has to pay for the $100M+ properties. That's a lot of tax that won't pay itself!
http://www.chicagobusiness.com/article/20180223/ISSUE01/180229940/cook-county-assessor-values-trophy-buildings-well-below-sale-prices
"Prices of trophy buildings in Chicago have soared the last five years, but the properties are still a bargain—if you believe the Cook County assessor.
Aon Center, the 83-story office tower overlooking Millennium Park, sold for $712 million in 2015. It's worth half that, $356.4 million, according to the assessor. That same year, a retail building on North Michigan Avenue, including the home of a Nike flagship store, traded for $295 million. The assessor values the properties at $56.8 million.
Then there's the city's tallest skyscraper, the 110-story Willis Tower. It fetched $1.05 billion in 2015, a record for Chicago. But the assessor says it's worth just $580 million."
Haven't heard from Popo Realtor extraordinaire on this. What's up dude? Numbers don't lie.
Not the Ville...Bridgeport Heights.
Center, the 83-story office tower overlooking Millennium Park, sold for $712 million in 2015. It's worth half that, $356.4 million, according to the assessor. That same year, a retail building on North Michigan Avenue, including the home of a Nike flagship store, traded for $295 million. The assessor values the properties at $56.8 million.
Then there's the city's tallest skyscraper, the 110-story Willis Tower. It fetched $1.05 billion in 2015, a record for Chicago. But the assessor says it's worth just $580 million."
Sounds about right. There’s people commenting all the time. Flee Chicago, property values are going down, move now when your house is worth something. Chicago will be another Detroit in no time. Guess the assessor must have been listening to them
Anonymous said...
Anonymous Anonymous said...
One more reason why living in Chicago is not a good thing. Not only is your home not worth what you owe on it, you pay very high property taxes for the privilege of living in it.
Guess you didn’t quite read the article and understand the numbers. You chose to say your home is not worth what you owe on it when in fact the article says 9.1% are underway the lowest in a long time. That means over 90% of Chicago homes are worth more than what you owe. Not bad figures
Secondly the city property tax are low compared to the decent suburbs check out the property taxes in Park Ridge, Glenview, and the northahore
6/05/2018 11:43:00 AM
Captain RE/MAX, is that you? Still cherry picking the stats to try to support an unsupportable case? SCC's summary AND the linked article in the Fibune stated that Zillow's analysis found 9.1% of homes NATIONWIDE were underwater.
The real estate website looked at estimated home values in relation to mortgage debt and lines of credit associated with homes in over 870 metro areas, 2,400 counties and 23,000 ZIP codes across the nation to arrive at data that reveal Chicago has 253,725 homes where the owners owe more on their mortgages than their houses are worth.
How about the very NEXT paragraph of the article?
That number equates to 15.5 percent of homeowners in the Chicago metro area having negative equity, making the city the second-highest metropolitan area in the country for percentage of homes in negative equity, just behind Virginia Beach, Va. Worse news: 20 percent of Chicago’s underwater homeowners owe at least twice as much as their homes are worth.
Reading comprehension difficulties?
Pot, meet kettle.
"A lot of Chicago neighborhoods are booming. Lot's of luxury apartment towers going up." Then why the hell do my property taxes keep going up? When there's more of a product, the price is supposed to drop!
Here is a very telling statistic....
O'Hare airport is now the world's 6th busiest airport(O'Hare is 3rd busiest in U.S. behind Atlanta and LA! Chicago used to brag about how busy O'Hare was, now it's hush, hush. Nobody wants to come to Rahm's Murder City, even for a layover!!!
Another question to ask is, where are all those millennials getting the money to afford those fancy new downtown digs? Answer: Mommy and daddy baby boomer! You see, mommy and daddy baby boomer had great, long term jobs with sweet benefits and pensions. Little Junior and Junette are working for peanuts with no retirement perks. Don't you find it strange that all we hear is how college loan debt is skyrocketing and yet all these recent graduates live in the most exclusive, expensive neighborhoods in the city? It's a house of cards ready to collapse. Eventually you run out of other people's money.
That number equates to 15.5 percent of homeowners in the Chicago metro area having negative equity, making the city the second-highest metropolitan area in the country for percentage of homes in negative equity, just behind Virginia Beach, Va. Worse news: 20 percent of Chicago’s underwater homeowners owe at least twice as much as their homes are worth.
Reading comprehension difficulties?
Pot, meet kettle.
***
I really want to meet Captain REMAX, el-Real Estate Guru. I wouldn’t buy a lego house from him but he probably comes up with the wackiest shit that makes no sense in conversations. I envision him being just like the Slap/Chop clown :
https://youtu.be/Yaw7qX_ZDNE
How about the very NEXT paragraph of the article?
That number equates to 15.5 percent of homeowners in the Chicago metro area having negative equity, making the city the second-highest metropolitan area in the country for percentage of homes in negative equity, just behind Virginia Beach, Va. Worse news: 20 percent of Chicago’s underwater homeowners owe at least twice as much as their homes are worth.
Reading comprehension difficulties?
Don’t see anything in the SCC post about any 15.5 percent of homeowners in the Chicago area being upside down. Hard to comprehend something you can’t read below is the SCC post. Don’t see anything about that in the second paragraph
Conversations about the current housing market often have good news/bad news scenarios. Case in point, a recent report from Zillow, the real estate website, shows the share of homeowners across the country who are underwater on their mortgage is 9.1 percent, falling below 10 percent for the first time since the housing market collapsed more than a decade ago. Good news, since the average U.S. home lost more than a quarter of its value when the market crashed, Zillow says, sending millions of homeowners spiraling into negative equity — in other words, their homes’ values were lower than their mortgage balances.
Now the bad news: While most of the nation appears to be rebounding when it comes to the housing crisis, Chicago is not faring so well. According to Zillow’s 2017 Q4 Negative Equity report, the city has the most homes with negative equity of all the metro areas in the country. The real estate website looked at estimated home values in relation to mortgage debt and lines of credit associated with homes in over 870 metro areas, 2,400 counties and 23,000 ZIP codes across the nation to arrive at data that reveal Chicago has 253,725 homes where the owners owe more on their mortgages than their houses are worth.
But hey, all that construction downtown for childless tech-types who aren't going to raise their future spawn in a bankrupt city overrun by the unaccountable - that'll save everyone.
Reading comprehension difficulties?
Don’t see anything in the SCC post about any 15.5 percent of homeowners in the Chicago area being upside down. Hard to comprehend something you can’t read below is the SCC post. Don’t see anything about that in the second paragraph
6/05/2018 11:59:00 PM
PLEASE do not tell me that your entire time reading SCC, you've never clicked on the blue link that is part of the title or embedded in the first sentence? That link typically leads you to original articles. Give it up Captain RE/MAX
I keep looking for Illinois on this list, but can't seem to find it:
"By 2021, these 8 states will have no income tax"
https://www.aol.com/article/finance/2018/06/05/by-2021-these-8-states-will-have-no-income-tax/23451447/
rb
Sigh . . .
Don’t see anything in the SCC post about any 15.5 percent of homeowners in the Chicago area being upside down. Hard to comprehend something you can’t read below is the SCC post. Don’t see anything about that in the second paragraph Anonymouse @ 11:59 . . .
Reading is fundamental. You quoted my post, but once again tried to cherry-pick to make your argument, AFTER you made a comment about "somebody not reading the article and comprehending the numbers."
Please re-read the comment, because the 15.5% figure is from the linked article in the Tribune, which I linked to twice in my original reply and twice more in THIS reply.
Anonymous Anonymous said...
Sigh . . .
***
You do realize you’re attempting to reason with Captain REMAX... this is the same Einstein that thinks downtown is paradise, that Chicago is not headed for ruin. You’d have better luck getting the late Stephen Hawkins to go for a jog with you or to have ray Charles read you a book. The real estate guru isn’t playing with a full deck.
Captain RE/MAX makes The Tick look like Einstein, comparatively speaking.
Center, the 83-story office tower overlooking Millennium Park, sold for $712 million in 2015. It's worth half that, $356.4 million, according to the assessor. That same year, a retail building on North Michigan Avenue, including the home of a Nike flagship store, traded for $295 million. The assessor values the properties at $56.8 million.
Then there's the city's tallest skyscraper, the 110-story Willis Tower. It fetched $1.05 billion in 2015, a record for Chicago. But the assessor says it's worth just $580 million."
========
Are you living in a cave or something? There have been many reports about how commercial real estate has been under assessed for many years in Chicago. You do understand Mike Madigan is in the under assessing business.
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