Tuesday, October 2, 2007
News / Chicagoland This is clearly not going to end well
Posted by Whet Moser on 10.02.07 at 08:52 AM
* New-home sales are tanking.
* Especially here.
* Construction costs are going up faster in Chicago than anywhere else.
* Meanwhile, the new condos that make up so much new construction in the city are not only hideous but structurally unsound.
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in five years all of the hastily constructed unsound condos and homes will start falling apart, but all the builders will be long gone in some far away land where LLCs don't exist and owners are stuck with the assesments to fix the dumps.
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you are clearly correct. i know of a few people now suffering from their adjustable rate mortgages maturing at the five year mark. the problem is too many people view owning a home as a way to make money rather than a place to live in for 30 years. the days of buying cheap and selling at a profit are long past over. which is a good thing. our society is so much the buy-now-pay later world that it's sick. if you can't afford 20 percent, don't buy! Some people cannot even sell their $300,000 homes as they don't even have the 3K for closing costs, and real estate agents who survive on commission are getting squeezed. in addition to more foreclosures, we can expect more homeless people (and pets, shelters see spikes post foreclosure), more job losses in lending fields, insurance, bathtub glazing, and more condo builders going M.I.A in with offshore banking accounts. welcome to the new America, land of opportunity gone awry by an opportunistic mindset pervading our society and instant-gratification ways so ingrained i wonder how we as a society can pull ourselves up by our cheap made-in-China payless bootstraps.
