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Step Aside Detroit: There Is A New "Worst" City For Housing In The U.S.

Tyler Durden's picture




 

While the Case-Shiller index reported earlier was weaker than had been expected, and the 20 City composite index posted its third monthly decline in a row, the headline hid a wide dispersion of home prices beneath the surface.

Perhaps just to underscore this point, Case-Shiller also provided a handy chart showing the best and worst cities for home prices in the US.

It will come as no surprise that the west, with San Diego, is where the gains are still frothiest: after all the Chinese "hot money" exporters are rushing to park their funds before the exit door slams shut, and are doing so as close to home as possible.

What was surprising is the other end of the spectrum, because as Case-Shiller clearly shows, Detroit - after staging a brief dead cat bounce in the aftermath of its bankruptcy and since sliding once again - may no longer be the worst city for home prices in the US. It has now been displaced by a city which many speculate will be nothing short of the "next Detroit."

The silver lining: while Chicago home prices have been sliding for the past 4 months, they are still up compared to last year... if only for the time being.

 

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Tue, 09/29/2015 - 12:49 | 6606771 Glass Seagull
Glass Seagull's picture

 

 

OBamaHomes!

Tue, 09/29/2015 - 12:58 | 6606812 drendebe10
drendebe10's picture

What a coincidence... Chicago, Deathtroit and Baltigimmeemore are all run by long entrenched progressive liberal democraps...

Tue, 09/29/2015 - 13:00 | 6606821 Manthong
Manthong's picture

My kind of town, Chicago..

Where a half trillion dollar property tax hike just isn’t high enough.

 

Chicago: BUDGET DIRECTOR: CITY PROPERTY TAX HIKE PLAN NOT ENOUGH

 

They should be taking the pitchforks and torches to the Daley family fortress.

Tue, 09/29/2015 - 13:05 | 6606843 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Obama helped work these wonders for Chicago.  Now he's about finished with the U.S. 

Welcome... to Obamaville.

Tue, 09/29/2015 - 13:07 | 6606854 Urban Roman
Urban Roman's picture

Well, really, that chart is likely to have a lot of noise in it. For example, Detroit could have gone from $1 to $2, and that would be a 100% increase!!!1!

There are lies, damned lies, and statistics.

Tue, 09/29/2015 - 13:12 | 6606877 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Becasue we all know that property taxes in Chicago and Detroit are SOoooooo affordable - so close to $1 per year...  LOL!

OK.  Next silly comment.

Tue, 09/29/2015 - 13:18 | 6606915 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

So when the realtors are selling homes in Chicago they are advertising the free shooting range? Oh, I mean defending your property from  the local thugs.

Tue, 09/29/2015 - 13:53 | 6607114 El Vaquero
El Vaquero's picture

I'm a baaaaad person.  When I clicked on the link, I was saying in my mind "Please be Chicago, please be Chicago..."

 

 

Tue, 09/29/2015 - 14:06 | 6607171 onewayticket2
onewayticket2's picture

4 months of bad numbers....what happened 4 mos ago....?

 

oh, right....their debt was reduced to Junk status.

 

 

Tue, 09/29/2015 - 14:26 | 6607288 nope-1004
nope-1004's picture

 

 

 

Buy now or be priced out forever.

Sincerely,

Your local real estate "professional".

 

Tue, 09/29/2015 - 15:06 | 6607455 Four chan
Four chan's picture

when blacks no longer have whites around to keep up the neighborhoods the neighborhoods die completely.  a detroit home owner, i know exactly what im talking about.

Tue, 09/29/2015 - 15:52 | 6607698 The Pope
The Pope's picture

The Cubs win the World Series! Oh wait, Obama is a White Sox fan. U kno, being from Hawaii & Harvard & all that

Tue, 09/29/2015 - 15:52 | 6607713 Manthong
Manthong's picture

It doesn’t get any better than this..

Chicago enjoys rare phenomenon of a corpse flower in bloom

One of the Chicago Botanic Garden’s eight corpse flowers, dubbed Alice, began blooming late on Monday, much to the surprise of horticulturalists.

The Chicago Tribune reports that the 55-inch flower is now stinking up the Garden’s semitropical greenhouse.

A corpse flower, also known as Amorphophallus titanum or Titan Arum, gets its name thanks to its pungent odor, which resembles a rotting animal.

Tue, 09/29/2015 - 15:55 | 6607726 The Pope
The Pope's picture

Doesn't Chewbacca have a few of those in the White House Rose Garden next to the okra? Or is it just a phenomenon when (s)he's doin' some cultivatin'?

Tue, 09/29/2015 - 18:13 | 6608380 Manthong
Manthong's picture

Consider it a Chewie corsage.

Tue, 09/29/2015 - 19:02 | 6608585 DriveByLurker
DriveByLurker's picture

[Metaphor Alert!]

Tue, 09/29/2015 - 20:07 | 6608906 Miffed Microbio...
Miffed Microbiologist's picture

I was in DC when the corpse plant in the botanical gardens was blooming. Strangely seemed apropos.

Miffed;-)

Tue, 09/29/2015 - 21:36 | 6609221 spdrdr
spdrdr's picture

Oh Noes!   

Send in a Corpse-Man, stat!

 

Tue, 09/29/2015 - 15:19 | 6607522 A Nanny Moose
A Nanny Moose's picture

Wake me up when I can buy 1000 sq ft on an acre of land for <$100K, in SoCal

Tue, 09/29/2015 - 15:58 | 6607738 Miffed Microbio...
Miffed Microbiologist's picture

Well, I've got a 2400 sq foot home with a 1500 day basement on 10 acres. 48 solar panels, a fantastic well with a 10K gallon storage tank completely fenced in 6 foot chain link, horse corrals, chicken coop built like a palace. 50X30 deck over looking the beautiful mountains. Great neighbors and very quite and peaceful. 40 miles to downtown San Diego.

Let's make a deal!

Miffed;-)

Tue, 09/29/2015 - 16:29 | 6607888 The Pope
The Pope's picture

Why u sellin' then?

Tue, 09/29/2015 - 17:08 | 6608090 Miffed Microbio...
Miffed Microbiologist's picture

I've been offered an 80 acre farm in Spokane free of charge.

Miffed

Tue, 09/29/2015 - 17:19 | 6608133 The Pope
The Pope's picture

nothing is free

Tue, 09/29/2015 - 17:32 | 6608194 Tonald J Drump
Tonald J Drump's picture

i thought we had free healthcare in USSA...someone on msnbc said so

Tue, 09/29/2015 - 17:41 | 6608229 Citxmech
Citxmech's picture

I know some folks who might want to rent some space in your chicken coop.

Tue, 09/29/2015 - 19:49 | 6608829 Hulk
Hulk's picture

The bluest skies you have ever seen are in Spokane...

Tue, 09/29/2015 - 23:27 | 6609523 tenpanhandle
tenpanhandle's picture

It's colored sky blue on the maps also.

Tue, 09/29/2015 - 23:32 | 6609535 TireBite
TireBite's picture

We have enough people from Cali up here...but I guess if you're moving to the inland NW, rather have you in Spokane.

Tue, 09/29/2015 - 23:34 | 6609544 JeffB
JeffB's picture

Why are you Miffed?

Wed, 09/30/2015 - 00:03 | 6609599 Miffed Microbio...
Miffed Microbiologist's picture

That's a long story. The short version is 3 years ago when I joined ZH, I was miffed about the state of our country and confused how we got in this state. Now I must admit I'm "pretty damn pissed off" but I'm too lazy to make a new avatar. So, think of it as sarcasm.

Miffed;-)

Wed, 09/30/2015 - 03:09 | 6609784 wizteknet
wizteknet's picture

must be nice

Tue, 09/29/2015 - 17:29 | 6608182 BarkingCat
BarkingCat's picture

The problem is that you are in Kalifornia.
A place where former Soviet gulag prisoners call oppressive.

Tue, 09/29/2015 - 17:56 | 6608292 The Pope
The Pope's picture

Maybe so

 

But the real problem is:

 

"I've been offered an 80 acre farm in Spokane free of charge." = something the IRS will be interested in getting it's share of.

 

Which is why, I suppose, the need to SELL the other place (&, of course, pay the capital gains, if any, on that).

 

As I said before. NOTHING IS FREE

Tue, 09/29/2015 - 20:04 | 6608896 Miffed Microbio...
Miffed Microbiologist's picture

It is my mother-in-laws. She said we can move in anytime we wish. She will rent in the city if we choose to take it. But, yes, there are some costs involved to get it back to a working farm. The "works" is free but the "accessories" can be a bit costly. We would have to do most of the work ourselves.

I'm tempted to split it if I could find an amiable party.

Miffed

Tue, 09/29/2015 - 21:40 | 6609237 spdrdr
spdrdr's picture

Miffed, your husband must make certain that he is the only child, otherwise I can foresee deep family trauma in my crystal ball.  Just sayin' - get the paperwork right!

Tue, 09/29/2015 - 23:34 | 6609547 Miffed Microbio...
Miffed Microbiologist's picture

Yes, he is an only child. I have seen some frightening sibling rivalries so I know your concern. The interesting part is 1/2 of the water rights will revert back to the neighboring property if our children sell it. This is a significant part of its value. Oh well, their problem.

Miffed

Tue, 09/29/2015 - 22:33 | 6609391 Bananamerican
Bananamerican's picture

"I'm tempted to split it if I could find an amiable party"

"it"?

Tue, 09/29/2015 - 23:40 | 6609558 Miffed Microbio...
Miffed Microbiologist's picture

80 acres is a lot for the 2 of us. It can be split into 2 parcels. However, an unruly neighbor may make that not such a good idea.

A few developers have offered to buy the land for development. Thankfully she has refused. All that place needs is rows and rows of McMansions for a cali invasion. A few neighboring farms have succumbed.

Miffed

Tue, 09/29/2015 - 22:48 | 6609419 WOAR
WOAR's picture

Oh, if only I had a job I could quit!

Friggin' contracts...

Wed, 09/30/2015 - 03:13 | 6609786 wizteknet
wizteknet's picture

Wish I had the dinero, I'd jump on that offer in a heartbeat. Think I am tired of all this city crap. Love farming, prob enjoy hunting & fishing more.

Tue, 09/29/2015 - 18:26 | 6608427 rubiconsolutions
rubiconsolutions's picture

"40 miles to downtown San Diego."

 

Isn't Tijuana wonderfully affordable?

 

Tue, 09/29/2015 - 19:16 | 6608655 Urban Roman
Urban Roman's picture

Where does the basement go at night?

Tue, 09/29/2015 - 19:37 | 6608764 Lorca's Novena
Lorca&#039;s Novena's picture

damn you!

Tue, 09/29/2015 - 22:35 | 6609396 willwork4food
willwork4food's picture

40 miles out... maybe El Cahon? Escondidio? Valley Center? Poway? I used to live in SD a few years ago. Absolutely one of the most beautiful places on earth.

Tue, 09/29/2015 - 23:58 | 6609587 Miffed Microbio...
Miffed Microbiologist's picture

Getting warm.;-)

El Cajon is not a nice area anymore. Escondido is down right terrifying now in certain parts. Gang warfare at Palomar was common place when I worked there. Poway is still nice but oh so expensive! Our townhouse we sold there in 1990 is listed over 400k. Insane!

Miffed;-)

Tue, 09/29/2015 - 14:20 | 6607206 Paveway IV
Paveway IV's picture

Minneapolis #3? That's not a surprise - that's where the welfare refugees from Detroit and Chicago seek asylum.

Everyone from there tried to 'get rich quick' on buying garbage properties and renting out to Sec. 8. The wanna-be millionaires found out that the Sec. 8 rent check always comes from .gov on time, but couldn't possibly keep up with the way the properties were trashed, unpaid utilities, insurance, the high taxes and the plummeting resale value. Brother-in-law does bankruptcies there and business is booming - mostly young, working locals that got caught up in the money-making scheme and are trying to hang on to their own house and car, never mind the garbage Sec. 8 properties they're trying to unload. 

The unemployment rate has skyrocketed there among the middle class and the welfare slums keep expanding in the city and first-ring suburbs. Grew up there as a kid - use to be a nice place. Now? Detroit lite... The Syrian refugees wouldn't even want to go there, but I suspect many WILL be sent there. It's the home of some international refugee human trafficking organization that is always willing to ruin refugee's lives by bringing them to the dismal, frozen wellfare hell-hole slums there. Everyone in the rich suburbs still likes it, so it must have something going for it. Ice fishing? 

Tue, 09/29/2015 - 14:28 | 6607303 Skateboarder
Skateboarder's picture

Well-off relatives of mine moved from Minneapolis to SF Bay some 10-12 years ago. Bet they can't recognize their old stomping grounds anymore?

You would figure they would send all the refugees who come from hot places to warm/hot places like CA, AZ, and TX...

Only a gubbamin can be so deliberately stupid or evil to put hot coals in a freezer.

Tue, 09/29/2015 - 15:04 | 6607446 knukles
knukles's picture

Dude... Minneapolis is now the single largest Somali resettlement area in the US!
Our "imports" at least work.  Well, unless you get into Salinas, King City, Bakersfield, etc.

Tue, 09/29/2015 - 15:41 | 6607645 techpreist
techpreist's picture

Don't forget Des Moines. I used to teach middle school as part of a grad school fellowship, and while dealing with a few kids who only knew some non-common African languages wasn't too ridiculous (the natives were too restless to teach anything anyway, and the refugees were actually more polite even if they couldn't understand you), my colleague over in Harding had to deal with two race wars. The first was between two groups of Asian refugees who had formed gangs, and among other things my colleague caught a kid carrying a logging chain that was meant for someone's head. The second case involved some African American boys beating up a Sudanese boy because "Your great grandpa sold my great grandpa into slavery!" The Sudanese refugee who was their translator asked me how on Earth African American kids would get such idiotic ideas into their head, but it also turned out the victim was a Sudanese child veteran and he decided to reform his home militia with his other veteran friends.

Yeah, that was Harding Middle School in Des Moines. Can someone tell me how it is "helping" to destabilize someone's country, then bring them into a country where they don't know the language, can't find a job, and only get a pittance of support. I know why the elites would want it, but how does the average useful idiot rationalize this? Maybe they're just accepting it with no further thought?

Tue, 09/29/2015 - 16:02 | 6607754 Miffed Microbio...
Miffed Microbiologist's picture

Maybe Merkel will have an answer for you in a couple of years.

Miffed

Tue, 09/29/2015 - 18:26 | 6608429 BarkingCat
BarkingCat's picture

Maybe Germans will wake up and end her career.

Tue, 09/29/2015 - 23:18 | 6609500 uhland62
uhland62's picture

That is on the cards for 2015 but has hit a snag. The Bilderberg designated successor Ursula von der Leyen looks like having cheated in her doctorate. That's a hanging offence but all good things come in threes. 2 cheaters had to depart from Cabinet a little while ago.

Tue, 09/29/2015 - 18:28 | 6608280 Paveway IV
Paveway IV's picture

techpreist - On one had, I have to agree with you. On the other hand, I had to hear damn near the same kind of difficulties that the Polish, Ukrainian, Russain, German, etc., had when my grandparents moved to Minneapolis just before the depression. Despite the inevitable joblesness, poverty and crime that come along with almost every economic immigrant wave to the U.S., there's also good people. My grandparents had NOTHING to offer the U.S. but strong backs. I don't think they ever learned anything but the most basic English before they died. 

Evey one of those immigrant groups moved into their own little enclaves and scraped by the best they could. And the people already settled here hated the cabbage-smelling, non-english-speaking newcomers. Granted the aid programs are far more exstensive today, but not all Hmong and Somoli (and maybe unfortunate Syrian) immigrants are lazy moochers. And of course they breed like rats - my grandmother had 12 kids after she moved here. I don't even know how that's possible. 

Does that mean the refugee advocates should keep stuffing more in an overburdened community? Of course not. Aid agencies should not turn into human traficking do-gooders for their own self-satisfaction. THAT is another unfortunate manifestation of psychopathy. Minneapolis has something like 50,000 Somalians today and has to put new immigrants in the city's homeless shelters. Still, here's what the director says about 'the Somalians':

Mary Jo Cope­land, the found­er of Mary’s Place, says as many as 60 of the shel­ter’s rough­ly 90 units are oc­cu­pied by So­ma­li fami­lies, gen­er­al­ly re­cent ar­ri­vals from Af­ri­ca by way of an­oth­er state. Cope­land, who hired two So­ma­li-speak­ing ad­vo­cates to help the fami­lies with job- and a­part­ment-hunt­ing and more, says these resi­dents have im­pressed her: They take Eng­lish class­es, keep their apart­ments im­mac­u­late and save up ev­er­y­thing they earn work­ing at day cares, gro­cer­ies and cab com­panies.

I've heard the same about many of the Hmong immigrants in St. Paul - hard working farmers that just want to save up enough for a little farm southwest of the Twin Cities. Kind of reminds me of the Rojava Kurds - scratch farmers that have no aversion to hard work and don't want their kids dodging mortar rounds all day.

While I'm glad for them, what is the upper limit of Minneapolis' ability to absorb more Somalis? How many Syrian familes will charitable organizations stuff into homeless shelters and 'assist' in filling out welfare paperwork? Worse yet, when those middle-class Minnneapolis people get laid off their job and lose their homes, the homeless shelters will have to turn them away, "Sorry - we're full of Somalis and Syrians. Try Des Moines..."

Tue, 09/29/2015 - 19:14 | 6608639 Bad Attitude
Bad Attitude's picture

Paveway IV: "Aid agencies should not turn into human traficking do-gooders for their own self-satisfaction."

Those aid agencies aren't doing it for any kind of higher purpose. They are doing it for profit. There are nine refugee resettlement contractor organizations masquerading as charities. (See http://www.acf.hhs.gov/programs/orr/resource/voluntary-agencies. Also see Refugee Resettlement Watch (https://refugeeresettlementwatch.wordpress.com/) for ongoing reporting about the refugee scam.)

The more refugees these so-called charities dump in your communities, the more money they make. They don't give a damn about what it does to your community, what it costs you in additional taxes to support the refugees, and how many of your daughters get raped by the refugees.

Forward (over the cliff)!

Tue, 09/29/2015 - 23:30 | 6609532 401K of Dooom
401K of Dooom's picture

Well Techpreist, a long time ago we could assimilate immigrants into our society because we had standards that we expected everyone to abide by.  My ancestors who came of Ireland, Sweden, England and Scotland were expected to learn English and adapt to this society.  They were not given all of their information in Gaelic, Swedish or any other languages or "accomodated" in any other way.  Also, poor deportment and ill manners were not tolerated in school.  In fact, if a youth was caught trying to start a fight with another, he would be punished.  Too bad FDR and his barcolounger wife, Eleanor, got elected and set in motion the events that are destroying Amerika! 

Tue, 09/29/2015 - 18:15 | 6608388 Thirtyseven
Thirtyseven's picture

Dude they're sending Somalis to a town called Lewiston, ME.

MAINE of all places!  Talk about forced integration.

Looks like those lumberjacks & lobstermen are going to get a first-hand look at the consequences of die-versity.  Lets just hope it doesn't happen to their wives and daughters first.

Tue, 09/29/2015 - 22:39 | 6609403 Skateboarder
Skateboarder's picture

Jesus Christ Monkeyballs. From knukles' post on downards, I have no words... this is madness. A bunch of equatorial plain-dwelling [muslim?] Africans resettled alongside Northern snow-dwelling Americans... in Maine.

I guess we're just forced to watch as they play Tetris with the world and its people? Fuck.

Tue, 09/29/2015 - 22:53 | 6609431 WOAR
WOAR's picture

That sounds remarkably correct.

Place all of the people in the right places, and they all disappear!

 

Tue, 09/29/2015 - 14:30 | 6607311 Son of Loki
Son of Loki's picture

Trashing the house is what Section 8'ers do as a hobby. My neighbor bought two houses and both were rented to these people. One had over $18,000 in damages (house was bought for $138k) and the other over $22,000 and this does not include the costs to evict them as well as the threats from one of them to kill him if he did not back down.

 

The NAR and media folks have given such a distorted view of the RE market it's incredible.

Tue, 09/29/2015 - 15:28 | 6607576 Four chan
Four chan's picture

the billionaire genious donald sterling didnt rent to blacks, lesson learned.

Tue, 09/29/2015 - 15:31 | 6607590 WillyGroper
WillyGroper's picture

Worked with someone whose whole family was section 8. 

Bought houses at auction with a credit card.

No vandalism if it's kin.

Checks like clockwork...

orange?

Tue, 09/29/2015 - 18:39 | 6608486 Joe Mama 3
Joe Mama 3's picture

I wish every one who rents section 8 every financial hit they get !!!!!  People live in certain neighborhoods to get away from ghetto shit. And then sorry mutherfuckers bring the ghetto to nice neighborhoods !!!!!  Section 8 has raised rent to unheard of levels in small towns. The days of 450 a month 2 bedroom houses in small towns is way over as long as hud is around !!!

Tue, 09/29/2015 - 19:38 | 6608773 PlayMoney
PlayMoney's picture

not every sec 8 is bad my best tenant was sec 8. Also my worst. 3K damage was my worst hit. The country is backwards as i was happy to rent to my last tenant, a single mom of 2 with no job. .GOV paid every dime of rent. Crazy.

Tue, 09/29/2015 - 15:31 | 6607586 James
James's picture

I owned rentals in Mpls./Saint Paul for a dozen years. and yes our properties got trashed by section 8 tenants.

Individually landlords would call Sec.8 to complain only to be told "tough shit".

We then got together and around 150 landlords agreed to stop accepting sec. 8 tenants.

Took about a month of tenants being told "no sec. 8" on bldgs. listed as such.

Almost all of us got a call asking why. We told them. They sent us a form asking us to itemise damages and they paid us and assured us they would cover future damages and they did.

Tue, 09/29/2015 - 18:23 | 6608415 Thirtyseven
Thirtyseven's picture

In my county we got a different story.  They wanted to build some "low income" apartment complex subsidized by the state.  Before the zoning hearing somebody passed out fliers alerting homeowners to the usually non-challant event where maybe 5 people would ordinarily show up.

Well that individual got 400 of us out of our houses and into the library in order to curse out our local representatives.  It worked, and the zoning never got approved. 

I'm sure in a couple years they'll try to ram it through when we're all off guard.  But hey, activism works.  We need to get off our collective butts is all.  Start LOCALLY.

Tue, 09/29/2015 - 14:37 | 6607342 TheReplacement
TheReplacement's picture

Wish to see others spared the depradations of the so called "liberal" agenda is not bad. 

Tue, 09/29/2015 - 15:05 | 6607453 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

No, El Vaquero, you are a very bad person, there is a difference.

Tue, 09/29/2015 - 15:25 | 6607553 FinDuMonde
FinDuMonde's picture

And you had to click on the link to see what the city was.  More and more I am seeing clickbait headlines and previews on ZH that don't actually tell you what the post is about.

Tue, 09/29/2015 - 14:05 | 6607169 chubbar
chubbar's picture

Got a call from a sibling about 3 years ago complaining that her property taxes went from 10k/yr to 20k/yr overnight. This person is your typical liberal, white guilt type who defends anything from Obamacare to Jon Corzine. I can't wait to hear that it doubled again. That will be about it for that part of town. How do you sell an average type house with a 30k tax bill associated with it? I sense the air being let out of Real Estate prices as I sit.

Tue, 09/29/2015 - 14:15 | 6607226 El Vaquero
El Vaquero's picture

It's like people who push for paying teachers more.  I've been through my state's budget.  Something like 30% of it goes towards teacher's salaries already, and in my state, they don't make that much compared to some other states.  That's also with all of the federal subsidies and other sources of income into the school system.  Trying to explain to someone that, if you want to increase teacher salaries, you're going to have to take the resources from somebody else leads to the "well, education will never get improved with that attitude" response.  The higher property taxes come from that kind of magical thinking.  "But it's for the children!  And anything is possible if we put our minds to it!"    Guess what, they're not going to take those resources from the state police or the state parks.  They're going to take them from you. 

Tue, 09/29/2015 - 14:42 | 6607361 Son of Loki
Son of Loki's picture

I cringe when they annouce a new school being built. Means taxes going up alot again!

Tue, 09/29/2015 - 14:47 | 6607377 El Vaquero
El Vaquero's picture

The nicest city owned buildings in my area are the newly built schools and the Metro Courthouse.  They made expensive architecture decisions for purely aesthetic reasons, and the tax payers footed the bill.  Then again, most of the people who enter the Metro Courthouse probably don't snap about that. 

Tue, 09/29/2015 - 18:32 | 6608454 Rusty Diggins
Rusty Diggins's picture

Not just Breaking Badville, every new dot gov building in every podunk town (they're all podunk towns) are the nicest biggest cost-is-no-concern construction projects they've seen in decades.  Big daddies gotta keep up appearances.

Wed, 09/30/2015 - 01:21 | 6609716 delacroix
delacroix's picture

the development fee's in riverside county ca. are $23k to build a house or put a mobile on a bare lot. that is not permit fees. those are more. the development fees are my share of money already spent, mostly on stuff I derive no benefit from. and taxes have gone up in the last few years as well. although my property is actually worth less than a time when the taxes were less.

Wed, 09/30/2015 - 14:03 | 6612044 Greenie
Greenie's picture

The nicest and newest buildings in my town are the BANKS. Go figure....

Tue, 09/29/2015 - 15:51 | 6607703 Urban Roman
Urban Roman's picture

-1 for not getting it. Nowhere did I mention taxes.

The chart in the article is home prices ... and since you haven't been paying attention: some real properties went for $1 in Detroit a while back. Granted, they are probably just concrete pads by now.

Wed, 09/30/2015 - 13:54 | 6611983 Head_Shots_Work
Head_Shots_Work's picture

Yeah - and New York - where a 100 million dollar 5000 square foot condo is now being sold for a still insane 75 million dollars represents a 25% drop. Big fucking deal - it was insane to start with and is insane now. However - I'm pretty sure that Chicago would still make the list. If only because Obama and Holder are from there, and anything they touch turns to shit.

Tue, 09/29/2015 - 14:09 | 6607195 Antifaschistische
Antifaschistische's picture

The single biggest anomaly in my opinion remains Houston.  Crushing oil prices, and the entire real estate market is still blazing forward as if $100 per/barrel oil is a forgone conclusion and right around the corner.

Perhaps it's that the influx of imigrants is so high, and they are so optimistic, that they have no concept of a downturn...because they've never seen one.

Tue, 09/29/2015 - 14:23 | 6607268 Mostly Harmless
Mostly Harmless's picture

I think you are seeing growth in the likes of Texas and Arizona from those fleeing California and your Chicagos, Detroits, etc.  What really surprises me is that Cleveland is seeing increases.  Doesn't make sense with what I've heard about that city being a dying city, 

Tue, 09/29/2015 - 14:23 | 6607274 rpowel2
rpowel2's picture

Never seen one?  You should've been around Houston from 1986-1988.  Made Detroit look like Disneyland.

Tue, 09/29/2015 - 15:23 | 6607549 InflammatoryResponse
InflammatoryResponse's picture

I was in Louisiana going to college during that time.  my Roomate came back from visiting home in Southwest LA, and said "everything has closed up".

 

Tue, 09/29/2015 - 16:33 | 6607903 Son of Loki
Son of Loki's picture

I visited a relative in Houston this summer and they are building apartments like crazy. Both luxury ones as well as crappy wooden boxes that will mold away in their humidity. Many of his engineering friends got fired in the energy layoffs and are drifting sideways or moving out for jobs so I don't know who is moving into Houston? Add in the high cancer rate on Houston's East Side from refineries and it's an enigma.

Although, I have read banks are tightening up on loans to RE developers and energy companies there. They sense it's going to get worse which seems pretty clear to me.

Tue, 09/29/2015 - 18:27 | 6608433 Thirtyseven
Thirtyseven's picture

Ahh, so they're still riding the residual loan bubble.

Makes sense.  Wonder how Williston, North Dakota is holding up.

Tue, 09/29/2015 - 22:15 | 6609337 piratepiet2
piratepiet2's picture

"high cancer rate on Houston's East Side from refineries"

any good sources on that ?  would be appreciated

Tue, 09/29/2015 - 17:57 | 6608310 Slave2Fashion
Slave2Fashion's picture

I was the office administrator for a real estate company in Houston in 1988. I compiled all the foreclosures from all the local banks into one document on DBaseII on an at the time smokin' fast 386. When I entered the last one and told it to sort, it took 7 hours before it began to print. The document as big as an old-fashioned family bible.

There were 2 bedroom, 2 bath condos in really nice parts of town going for $5000, and a 4 bedroom house in Houston Heights going for $5500. I didn't have quite enough cash to buy things at the time, and I've always regretted it.

Tue, 09/29/2015 - 19:25 | 6608709 weburke
weburke's picture

that will be coming to many locations soon.

 

Tue, 09/29/2015 - 22:43 | 6609409 willwork4food
willwork4food's picture

I bet you're no fun at parties, right?

Tue, 09/29/2015 - 15:12 | 6607490 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Condo development in select enclaves makes America keep ticking until is doesn't anymore.

 

tick, tick, tick, tick, boom!

Tue, 09/29/2015 - 18:49 | 6608526 Joe Mama 3
Joe Mama 3's picture

Immigration has a lot to do with it. I live in the great northwest, and this mutherfucker is blowing and goin' !!!!!!   we came here in 2013 and our property is worth double what we paid for it. One thing about houston, is it is like a bullseye, only the ring is worth livin in !!!!!!!!!    thats where the boom is !!!!!!!   houston has no zoning laws, so you can have bar, church, house, brothel, one after another next to each other. Quite an eyesore, but probably has been good for small business owners !!!!!

Tue, 09/29/2015 - 23:43 | 6609562 tenpanhandle
tenpanhandle's picture

Well, the guy in that house doesn't have to go far to get drunk, fucked then saved.

Tue, 09/29/2015 - 14:09 | 6607197 Fester
Fester's picture

Vote from rooftops.

Tue, 09/29/2015 - 16:41 | 6607952 Crash Overide
Crash Overide's picture

Chicago has two major downsides...

1. Corrupt Politicians

2. South/West-side gang bangers

 

Positive note:

Good people mostly

Great Food

Good city for arts...

 

 

Tue, 09/29/2015 - 22:44 | 6609412 willwork4food
willwork4food's picture

Go BEARS!

Tue, 09/29/2015 - 19:10 | 6608625 Chuck Walla
Chuck Walla's picture

My niece lives in Chicago, owns a home and loves Obama and Tiny Dancer. Too bad she's queer, she might have enjoyed the fucking she's about to get.

 

FORWARD CHICAGO SOVIET!

Tue, 09/29/2015 - 13:22 | 6606938 Normalcy Bias
Normalcy Bias's picture

They should Tar & Feather the ballerina as well.

Tue, 09/29/2015 - 13:49 | 6607090 Berspankme
Berspankme's picture

Tinkerbelle Rahm likes to blame Daley but he would've done the same thing just like Obama blaming Bush while continuing raping and plundering the ME

Wed, 09/30/2015 - 07:17 | 6609972 Refuse-Resist
Refuse-Resist's picture

Dual Shitizenism at its finest.

Israel? FUCK YEAH!

Tue, 09/29/2015 - 14:09 | 6607193 combatsnoopy
combatsnoopy's picture

Chicago was the cocaine hub of the U.S. Wait, dealers don't pay taxes. 

Tue, 09/29/2015 - 16:39 | 6607935 PTR
PTR's picture

Don't forget the heroin highway.

The entire USA to Naperville to Independence Ave. on the West Side.

Tue, 09/29/2015 - 22:45 | 6609416 willwork4food
willwork4food's picture

I always thought that road went to Aurora?

Wed, 09/30/2015 - 07:17 | 6609974 Refuse-Resist
Refuse-Resist's picture

They don't call it Chicongo for nothing.

Tue, 09/29/2015 - 15:33 | 6607599 Wheres mine
Wheres mine's picture

Billion, not trillion. Still plenty big

Tue, 09/29/2015 - 13:00 | 6606824 KnuckleDragger-X
KnuckleDragger-X's picture

Yep, and I can hardly wait for them to go full retard.....

Tue, 09/29/2015 - 13:14 | 6606891 Vlad the Inhaler
Vlad the Inhaler's picture

Chicago, Deathtroit and Baltigimmeemore are all run by long entrenched progressive liberal democraps...

 

You've got it backwards.  They all have poor populations, and why in the heck would a poor person vote for a party that could care less if they live or die?

Tue, 09/29/2015 - 13:20 | 6606913 Manthong
Manthong's picture

Maybe because they like the idea of city streets being a live range.

09/28/2015 14 shot & wounded in 15 hours in Chicago, including 6 MURDERED

Tue, 09/29/2015 - 14:51 | 6607401 rpboxster
rpboxster's picture

When is METRA going to armor the trains to the burbs for the run through the gaunlet?

Tue, 09/29/2015 - 16:42 | 6607961 PTR
PTR's picture

Never been a need to armor trains.  Worst we've had has been rocks and graffiti.

 

To date.

Tue, 09/29/2015 - 16:44 | 6607968 Crash Overide
Crash Overide's picture

"...run through the gaunlet?"

The Greenline?

Tue, 09/29/2015 - 14:05 | 6607164 Waffen
Waffen's picture

"Poor populations"

"Just call em niggers. Just call them niggers."

Tue, 09/29/2015 - 14:38 | 6607275 all-priced-in
all-priced-in's picture

Go back a few decades and these cities were doing great -

 

It is the progressives that turn prosperity to poverty - it takes some time / doesn't happen overnight but it always will happen.

 

You take from those that produce to give to those that don't and you drive the productive folks away and all you are left with is a bunch of lazy fucks.

Tue, 09/29/2015 - 14:29 | 6607307 Agent P
Agent P's picture

Poor people don't vote in Chicago....dead people do. 

Tue, 09/29/2015 - 15:02 | 6607439 fast and furious
fast and furious's picture

could it possibly be that a they all love playing Santa ...with everyone else's money???  Nah, that couldn't be it....

Tue, 09/29/2015 - 15:44 | 6607662 SilverFish
SilverFish's picture

Just another sad lesson showing how those that produce nothing can only suck off the teet of those that produce for so long before the producers just flee in droves. If both Chicago and Detroit going down in flames isn't enough of a lesson for the idiots, nothing will be.

Tue, 09/29/2015 - 13:41 | 6607030 Hopeless for Change
Hopeless for Change's picture

All due respect sir, you misspelled Chiraq

 

Tue, 09/29/2015 - 13:50 | 6607098 Countrybunkererd
Countrybunkererd's picture

... it's Chitcago.  Sounds like sscChitcago.

Tue, 09/29/2015 - 13:55 | 6607127 booboo
booboo's picture

all those paper gains in housing being eaten by the very real(estate) tax man in Broketown and he don't take IOU's or "hey, look, I'm, good for it, Zillow says so"

Tue, 09/29/2015 - 14:42 | 6607360 homeskillet
homeskillet's picture

Youa actually believe this has something to do with it? The most successful cities have the greatest income equality...hands down.

Tue, 09/29/2015 - 14:53 | 6607403 Arnold
Tue, 09/29/2015 - 18:50 | 6608530 JustAboutThatAc...
JustAboutThatActionBoss's picture

Just another casualty of the Commodity collapse.

Tue, 09/29/2015 - 17:01 | 6608058 de3de8
de3de8's picture

Which turn into obamashacks

Wed, 09/30/2015 - 00:23 | 6609633 auntiesocial
auntiesocial's picture

just one more reason why I love to fly into Midway! what a fucking rockstar airport and neighborhood that is!

Tue, 09/29/2015 - 12:52 | 6606781 Normalcy Bias
Normalcy Bias's picture

There's never been a better time or place to buy a home and get ass-raped with taxes.

Tue, 09/29/2015 - 12:57 | 6606799 Fukushima Fricassee
Fukushima Fricassee's picture

Renters get ass raped by the same property taxes.

Tue, 09/29/2015 - 13:04 | 6606838 Normalcy Bias
Normalcy Bias's picture

Just another reason not to live there. It's a damned shame, too.

I've known people who've lived all over the US and Canada, and downtown Chicago used to be high on their list.

Tue, 09/29/2015 - 13:48 | 6607083 Berspankme
Berspankme's picture

I was born there. It WAS a great city but you always knew the bullshit was going to catch up

Tue, 09/29/2015 - 13:54 | 6607122 Countrybunkererd
Countrybunkererd's picture

Back when i lived in the area, Chicago paid out (around 1999-2001) 13Billion dollars a year for workers compensation because of things like bus drivers were traumatized when they hit the bumper of a car during an accident and needed 6 months of therapy.  I am not kidding, this was directly from their data.

Wed, 09/30/2015 - 07:21 | 6609979 Refuse-Resist
Refuse-Resist's picture

Sounds a lot like Louisiana.

Any car wreck there, even the most minor, results in lawsuits, chiropracters, therapy, loss of consortium, all sorts of shit.

Attornies get rich on PI cases.

Who paid you ask?

I;ll explain:  When I lived there, car insurance cost me $240 per monty: full coverage on 2 newer cars, liability on an old pickup and liability on a dual sport motorcycle.

Moved to NC, kept the same insurance provider. new premium upon relocation:  $90 per month.

Just like that. Same cars, same insurance company, same drivers.

The lawsuit lottery is alive and well down there.

Tue, 09/29/2015 - 13:55 | 6607121 g speed
g speed's picture

when I was a kid the Chicago Museum of Science and Industry was one of the best in the world--rivaling the Smithsonian.  Maybe it still is?

https://www.google.com/search?q=chicago+museum+of+science+and+industry&e...

Tue, 09/29/2015 - 15:15 | 6607504 Infinite QE
Infinite QE's picture

Still a beautiful place. 'cept when overrun by the little blackies run amuck.

Tue, 09/29/2015 - 16:45 | 6607975 PTR
PTR's picture

when I was a kid the Chicago Museum of Science and Industry was one of the best in the world--rivaling the Smithsonian.  Maybe it still is?

 

The U505 is still one of my favs exhibits.

http://www.msichicago.org/whats-here/exhibits/u-505/

 

One of five German WWII submarines in the world still in one piece and on display.

Wed, 09/30/2015 - 07:22 | 6609983 Refuse-Resist
Refuse-Resist's picture

But can you walk there without experiencing black mob violence? The wonders of diversity?

 

Tue, 09/29/2015 - 12:52 | 6606783 centerline
centerline's picture

Just wait until the public pensions in Chicago collapse.

Tue, 09/29/2015 - 12:53 | 6606790 cossack55
cossack55's picture

Soon..........soon

Tue, 09/29/2015 - 13:07 | 6606852 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

"Just wait until the public pensions in Chicago collapse."

Yep.  Then an ObamaJudge will set local income tax rates to 150% of income to pay what was "promised."

Tue, 09/29/2015 - 13:24 | 6606947 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Good thing that guns are illegal in Chicago.  These must have all been vehicular homicides.  That, chokings, and sucker punches..  But not by gun.

Tue, 09/29/2015 - 13:28 | 6606960 847328_3527
847328_3527's picture

Must have been Paki convenience store clerks attacking gentle giant customers with their throats.

Those Pakis know lethal secret asian attack tactics like that sort of throat thing and use it on unsuspecting 6'4", 245 Lb people who walk in and simpy want to borrow some stuff from the store.

Wed, 09/30/2015 - 07:23 | 6609985 Refuse-Resist
Refuse-Resist's picture

Guns don't kill people, niggers do.

 

We need nigger control.

Tue, 09/29/2015 - 14:01 | 6607153 Flounder
Flounder's picture

Sep 29

Six people were killed and at least eight people were wounded, including an 11-month-old boy and a 2-year-old boy, during a bloody start to the week in Chicago that saw 10 of the victims shot at two scenes less than 3 miles apart on the South Side.

http://www.chicagotribune.com/news/local/breaking/ct-chicago-shootings-v...

 

Mayor Rahm Emanuel describes his frustration with the city's recent gun violence at the opening of a new Red Line stop Tuesday morning. Sept. 29, 2015. (WGN-TV)

Tue, 09/29/2015 - 16:20 | 6607836 LowerSlowerDela...
LowerSlowerDelaware_LSD's picture

Has Rahm ever considered making guns, and murder, illegal in Chicago?

 

Oh, wait. 

Never mind...

Wed, 09/30/2015 - 02:02 | 6609756 undertow1141
undertow1141's picture

southside chicago is the only place I consider stop signs to be truely optional.

Wed, 09/30/2015 - 07:24 | 6609986 Refuse-Resist
Refuse-Resist's picture

It's the baddest part of town. And if you go down there, you'd better best beware of a man named Leroy Brown.

Tue, 09/29/2015 - 14:12 | 6607216 Flounder
Flounder's picture

Ten-year-old among 57 shot, 4 dead, over bloody weekend in Chicago
Tue Sep 29 05:01:02 EDT 2015

Ten-year-old Melanie Irving ran for her life Sunday afternoon when about six gunshots rang out in Chicago's Woodlawn neighborhood as she walked to her grandmother's apartment. Suddenly, she cried out as she felt a burning sensation while scampering to a nearby church for refuge. Melanie had been struck on the right side of her neck, but luckily it was a graze wound. "I touched it and then there was blood," a soft-spoken and shy Melanie said Monday after she briefly tapped the gauze

Tue, 09/29/2015 - 13:18 | 6606914 centerline
centerline's picture

One way or another, they are going to get medieval trying to make good on the fairy tale they have sold to public employees.  The backlash on both sides is going to be epic.

Tue, 09/29/2015 - 12:58 | 6606809 Ms. Erable
Ms. Erable's picture

...which will result in frequent thunderstorms, accompanied by rapid bouts of Jewish lightning.

 

 

 

 

 

Tue, 09/29/2015 - 13:29 | 6606963 Freddie
Freddie's picture

I had a relative who had a retired Chicago fireman who was not a chief but up there.  His wife was crazy and so was he.  Everyone on the street hated them.  They had signs that you could not walk on the sidewalk by their house.  They constantly started problems with neighbors.  Pure evil.

I hope his pension blows up.

Tue, 09/29/2015 - 13:41 | 6607026 Not My Real Name
Not My Real Name's picture

Let me guess: And he retired at age 50 with a $125,000 per year pension (cost of living adjusted, of course) and free healthcare.

Tue, 09/29/2015 - 13:49 | 6607080 oddjob
oddjob's picture

Bonus, he can still loot taxpayers after he retires.

Tue, 09/29/2015 - 14:54 | 6607409 rpboxster
rpboxster's picture

50!?  He probably started when he was 20 and retired at 40-45.

Tue, 09/29/2015 - 13:46 | 6607073 Berspankme
Berspankme's picture

what is funny is even the pensioners won't live there, they all move out and suck off the public trough spending somewhere else

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