Do not buy a house! "Foreclosures are going to explode again"

Discussion in 'Economics' started by wilburbear, Oct 16, 2009.

  1. There is a big difference between forclosures in "the murder capital of the world" and every other US city. This article is about forclosures in the worst part of chicago and doesnt represent the country as a whole.
  2. the1


    Chicago isn't the murder capital of the world, Gary Indiana is. Chicago is just the neighbor but probably takes a close second.

  3. this article talked a lot about the entire country, if you read the entire thing.
  4. I looked at the website of the auction house mentioned in the article.

    A 2000 sq. ft., 4 bedroom apartment in a lower-middle class neighborhood here in Chicago was going for $56,000.

    How can a similar middle class apartment go for 4 times as much?

    This drags down the whole spectrum of housing, as people can get much more by going down one rung in the market.
  5. The entire article used examples of auction from the worst part of Chicago, yet only last 4 short paragraphs talked about the housing market; very misleading.
  6. logikos


    Bush tax cuts are set to retire in a few months. I can see the foreclosure scenario coming to pass.
  7. I sold every rental, and kept only property I own free and clear. If one cannot outrun a steamroller of unknown size, duration and impact, it is far better to liquidate risk and preserve wealth, than to gamble. I trade, but I only gamble when I drive on public roads.