This page has been archived and commenting is disabled.
Step Aside Detroit: There Is A New "Worst" City For Housing In The U.S.
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.
»
- 212044 reads
- Printer-friendly version
- Send to friend
- advertisements -
Calipornia's will be much more impressive and they can blame it on the drought and fire; even though they are artificially created to push the Global Warming farce; oh no "lack of food, lack of water, people are hurting, the ice caps are melting on, no...hey you think we got enough believers in the nature gods to get a nice return on our lies, Ii mean concern, I mean investment? Not yet; but we can use the nuclear option and shove a tax burden on them ...then we can drill the f*** out of the Arctic and blame some blah blah & blah.
Calipornia's will be much more impressive and they can blame it on...
…whatever "crisis" is the next media event de jour, or as Rahm would evoke "opportunity".
Speaking of which, where's the follow up on Westwood, (not of OJ fame), California's reservoir's draining over the weekend by Pacific Gas and Electric's cost cutting measure to eliminate relocating fish because of their having to spend so much because of their responsibility regarding the 73,000 acre Butte fire?
Seems funny to me because whenever they’ve needed to raise money in the past to buy overpriced Cat equipment, fund bloated pension plans or to employ additional non-productive, i.e. "alternative resource" folks they just tap their contacts in Sacramento's capital building for an increase to their CB supplied frn payroll generating ledger.
Just an observation.
The Windy City will be fine, as soon as the wealth comes back.
(It’s been on it’s way since 1930)
last republican 1936
"new worst city"
only because Baltimore's not on the list...
Buck Town, Wicker Park, Logan Square, Ukrainian Village, West Town, even a little bit of Humboldt and Garfield Park...
Some of my favorite neighborhoods, I will always love Chicago, good people, good food, good times, shitty management.
Why would anyone Chigago?
I think you meant Chicongo.
There. Fixed it for ya.
Chiraq
50 shootings last weekend.
50 shootings the previous weekend.
Now I say they go for 51 this weekend.
Nothing salvageable in the ghetto areas.
'cept for some beautiful old buildings.
Trashed by the jungle bunnies.
actually we (wife/I) love chicago! from may to september it's an amazingly beautiful place w/great restaurants & the best cycling I've found in us (along lake shore). my "lottery fantasy" used to be live in atlanta for fall/football season, winter in maui & late spring/summer (i.e. boat season) in chicago but given their financial situation there's no way in hell I'd own property there at this point...
Yeah football. Cheering on those Trayvon thugs like cheerleader kind of girly man.
You watch too much TV, Freddie.
Upvote. I see the fantasysports mangina neckbeard fedoras are downvoting you, Anonymously of course.
Rock on Freddie!
You must love the corn rows along LSD.
Chiraq. South Siiiiiide, REPRESENT!
Those Christian Conservative Caucausians won't stop killing one another down there! Animals...
I always thought it was those sneaky Asians that were the behind all the dispropotional crime, I stand corrected. Thank you sir.
Yeah, I've heard their youngsters go GANGSTER in between the math tutor and violin lessons.
A 9 year old armed with violin bow is a dangerous package...
Only if she can pruck it.
Only if the bow is pointed at those dressed in blue and/or green.
Speaking of Asians, if you haven't seen this yet, WATCH IT. Bruce Lee reborn. Absolutely amazing.
http://www.dailymail.co.uk/news/article-2913729/He-s-mini-Lee-Four-year-old-manages-perfectly-replicate-Bruce-Lee-s-legendary-nunchuck-skills.html
That's pretty good!!!
That is an oxymoron; moron.
Don't forget about the West Siiiiiiide.....equally shitholeishness. There's a few areas there a lot of cops won't go to.
Sounds like it could use some Mohammedan renovation.
Chicago: The city so bad they named it once. Windy City is definitely breaking wind.
Getting rid of 'Rahm Etaxhole', and his band of merry thugs, would be a major boost for Chicago.
Demographics of Chicago?
Going in the direction that makes it go even faster in the same direction. Man Maine and New Hampshire look good.
when did Boston move to the west coast?
I have never been to Chicago but I did enjoy the VICE piece on their gangs.
Oddly, despite very harsh gun laws... Chicago seems to have a slight gun violence problem.
Probably we just need to check our privilege.
Hey don't be a bigot!!!!
Boston identifies as trans- coastal.
well-played, DOT, well-played...
+1 for your avatar
They will tax themselves to death.....or to bailout....but they will never cut the gravy train the public employees have....in fact ..people having three pensions is the new norm...
The gravy train will be cut because the economy simply cannot fund it. Yes they will increase taxes but each increase will reduce the economy even more. Soon, even taxing at 100% won't be enough.
The parasites that cause this will have to fend for themselves like the rest of us.
I hope we open a hunting season for 'em.
Nothing will be cut. Instead it will sputter, then just implode at some point.
The Feds will just PRINT and send the money along to Chicongo, directly or indirectly. This is going to happen. Until such time as it can no longer happen. When that is I don't know.
This is nothing more than the result of decades of liberal progressive Democrat policies. The end result is the same no matter where you live. Chicago is in a death spiral, math is a true bitch.
Nigga please. Liberals represent true liberalism like Republicans represent true conservatisim.
So fucking what, the liberal progressives are the ones that have been in basically 100% control of Chicago's government for 80+ years. No shit there is a difference between 'classical liberalism' and 'marxist liberal progressivism', I didn't think I had to make the distinction on ZH...
There are liberal apologists everywhere, Champ. It's just a fact of life.
Nigga, who gives a shit? A distinction with no difference dumbass wake up..
Sure. Make up your own dumbass definition of anything you like (or whatever your particular clique tells you to parrot)--doesn't make you any more informed in the long run. I am happy to see you decided to make the edit, though.
I think the point is that they are not "liberal" so we should not call them that. Hell, they are not progressive either. That is a made up cover for communist. Call them what they are, communists, and be done with is.
Edit: In case someone gets all butthurt about calling them communists just look at any communist regime in history and you will see similar behavior and results. The ruling elite live fabulously luxurious lives while everyone else gets poorer by the day. Same shit as every other ~ism used to enslave the people.
The only solution is to wall these cities off and FORCE EVERY SINGLE socialist/progressive/communist/fascist/whateverist in and NEVER let them out. They built the prisons. They deserve to live (or die) in them. Going forward, the moment someone says we should have anything to do with any sort of compulsory redistribution scheme, in they go, forever.
I always call them leftists or 'progressives' (with the scare quotes). This is to make the point, as you noted, that they're simply Marxists who've re-branded themselves to hide their true intentions.
Marxism is a mental disease that humanity is going to have to eradicate, or we will be eradicated by it.
Hmmm
Seattle seems to be located in the midwest
er ...maybe mideast.
In the 90s I worked hard trying to get United Airlines to move their HQ to Denver...they picked Chicago....I bet now the people and the company wish they had chosen Denver...
I believe the major obstacle was that United Airlines, years before, had fired the mayor's father! Got that from connected city attorney. The mayor was Federico Pena.
Boeing moved its headquarters from Seattle to Chicago too awhile back. If I remember correctly, they received a bunch of tax breaks -- I'm sure it was the only way Chicago managed to beat out the other two candidates: Denver and Dallas.
The entire west is in a drought. What happens when it gets worse, and the west runs out of water?
They will head North.
They'll all move to chicago and make it the best housing market in the US.
MD,
the west is NOT in a drought. it is reverting to its normal rainfall pattern.
Cadillac Desert(the book) will tell you all about it.
they are screwed at a level hookers that charge ZERO can't attain.
There is a 100 percent chance you will lose everything you bet in the Illinois state lottery. Like the odds weren't high enough? Its so bad they cant handle the gambling money. http://www.cnbc.com/2015/08/31/illinois-lottery-winners-receive-iou-amid...
As if tens or hundreds of millions to one wasn't low enough odds of getting a payout...
well they did offer to refund the money he paid for the ticket .......
To be clear his money and everyone elses is probably gone already. They offered him an IOU. Imagine finally winning to get an IOU? What a let down. What are the odds? The height of scumbaggery.
If you don't get $1 dollar's worth of enjoyment out of a powerball ticket, then don't play powerball. It is often called the stupid tax for a reason. They used some of that income for scholarships here. Not any more. I wonder what changed...
If they sell these tickets promising money, but had no intention of paying, why is that not fraud?
If I take a banks money, promising to repay, but send them an IOU...
Of course the morons buying the tickets won't think of getting together and suing the state for bait and switch fraud...they'll just keep buying more fucking tickets...
They infuriate me, these mindless drone lottery ticket buyers. I'm always behind one who buys 20 dollars worth of scratch-offs then stand there scratching every one. If they win 10 bucks, they immediately buy more tickets, and start scratching...It's like they are compelled to NOT leave until they have lost it all.
Houston's debt could lead city on path to financial ruin http://on.khou.com/1KH1qX2 via @KHOU
But.....but...I thought all those hard-working Latinos down there were going to save the economy??
You're fired.
Rahm pushed through the largest property tax increase in Chicago history. The only thing this corrupt jerk does is ass rape his constituents with insideous tax increases. This jack off is even increasing taxes on vapor products for people that quit smoking cigarettes.
I love how Rahm blames it all on Daly as if Rahm wouldn't have done the same thing- burn money and gift pensions. rahm is a cunt
He's also pushing the 'cloud tax' for a streaming service, Netflix.
To offset the revenue hit from declining cable taxes as people "unplug" and switch to streaming.
Death by a thousand cuts. The next downturn's going to hit the city hard.
Your description sounds like a stereotype, that by chance, Rahm happens to fit perfectly.
And he did serve in the IDF, even though he was born in the USA.
Didn't the .fed set up a emergency facility there or something like that?
If Chicago is your back-up plan...?
Time to gets out da shotgun and go bags me a politician. YEEE-HAH!!!!
Clearly not enough community organizers in the neighborhood.
We should send in Barck, Mike, and Reggie to clean it up.
By the time they're done that community will be organized.
It's what they do.
Show of hands!!!
Who didn't guess it was Chicago?
I sold my house in Illinois a year ago October and almost broke even (had bought it in 06...yeah, I know, what a fuckin idiot I was eh?). I still have people here (I rent) saying "why don't you buy a house instead of throwing your money away?"
People who are left here are pretty dumb overall. Some of us are a little stuck by circumstance but I have a plan for when the yoke comes off!
fuck you, Rahm!!!!!!! BASTARD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! probably just rides off into private equity circle jerk sunset with his brothers after screwing the city.
There's no probably. He will. And iin the unlikely event that the law catches up with him he can always abscond to the country where he did his voluntary military service. (Hint: NOT the USA).
One day Buck Rogers will come and save his beloved city
Chicago was there ahead of Detroit; the difference is Chicago is a hive for the "psychopaths". For the same reason; Chicago will "magically" continue on through back-door helps.
http://www.chicagotribune.com/business/columnists/ct-harris-tax-retireme...
Funny how pension income is tax exempt in Illinois.
Couldn't happen to a more appropriate place. Slimey political moden day Tammany Hall. I guy was in my shop - He grew up in Chicago in the 60s thru the 80s. Told me one year the ward he lived in didn't vote for the proper machine candidate. For the following year their streets would be snow plowed at the end of the day (if at all), late or non existant garbage collections. This is where our president cut his political teeth, and it shows in the way he operates. FUK CHICAGO
Couldn't happen to a more appropriate place. Slimey political moden day Tammany Hall. I guy was in my shop - He grew up in Chicago in the 60s thru the 80s. Told me one year the ward he lived in didn't vote for the proper machine candidate. For the following year their streets would be snow plowed at the end of the day (if at all), late or non existant garbage collections. This is where our president cut his political teeth, and it shows in the way he operates. FUK CHICAGO
Chicongo's North Shore- the country's most overpriced real estate.
The writer has obviously never been to Hull.
There was Mega development going into year 2008. Banks foreclosed on so much or just left properties dangling in ownership limbo waiting for the market to improve(constraining supply).
Developers jumped right back into the saddle building like it was 2007. Like we need more housing.
I wonder how much inventory the banks and hedge funds are still sitting on.
I live in a small college town downstate from The Chi. The college has been hit hard due to drop in enrollment. Ten years ago; several property owners built huge apartment complexes here to house the students. They were sitting virtually empty until about two years ago when the property owners began converting them to chapter 8 housing. Since then they have been importing hoodies from the Chi to fill the apartments. People who have lived here prior to our cultural enrichment speak of Old Charleston and New Charleston. They now have been importing lots of Saudis to go to the University. It's hard to get out when every other house in town is for sale.
Hope 'n Change.....
God damned White privilege
GOD DAMNED HIPPIES!!!!
Hey blue collar. I'm just down the road from you in Cumberland. In 2006 I went to the Midas mayor to point out that the midnight basketball program isn't working out so well for the white suburban kids.
It turned out that the genius visionaries at EIU thought it would help assimilate the races by importing these kids in from the ghetto to get a taste of small town life. After the b-ball game was over the ghetto types had a couple hours to kill before the bus ride home.
Low and behold if they didn't stumble on to an all white frat party. What a great opportunity for the ghetto kids to play the knockout game on the half drunk white kids.
It's been all down hill from there. Except for the uptick in law enforcement activity.
More QE is the answer IMO.
And Las Vegas prices rising even though they're running out of water???
Boo hoo, Chicago isn't participating in the "boom". Maybe they won't have to deal with the eventual crash, either.
This trash talk on Chicago is all on account of the Cubs gettin a wile card slot. The goat curse is crumblin and it is a new day in Wrigleyville's friendly confines. You'll see da Cubs in October!
LOL
As in Coyote Ugly? (wile card, indeed)
Welcome a Mexican gang invasion into America's biggest industrial city and it's bound to have an impact on housing prices.
Who wants to live in a high tax Socialist immigrant ghetto strip-mining all municipal assets with debt undergoing "cultural transition" to Tijuana?
Not me.
All I can think of is Rahm Emmanuel and that dancing Chabad guy celebrating debt invasion and the immigrant Socialist voter horde.
Time for crackers to leave Chicago and let the blacks and Latinos duke it out with their tax money, the sooner you leave the less equity you lose.
probably because they lost those $2400/mo HUD/section8 subsidies
I heard a guy on a radio show the other day. Says he can't sell his house and cant afford to keep it. Host says rent it out. Caller says the taxes are over $800 a month and he can only get $800 rent in the area its in. Host says in gentle terms that you're fucked. Caller says thanks for the advice
Thank you Dave Ramsey!
The only sensible thing to do in that case then is to stay in the house, NOT make the payments, and instead save or put the money to some other use. Stay as long as you can till they evict you, often it can take several years. Hey, you can even rent out a bedroom, basement, etc, to a few short-termers (no lease, week to week, or month to month), and pocket that too.
Yeah, you lose the house. But in a case like that you already HAVE. Squeeze it like a lemon for all the juice you can get, then walk away from it. Leave the bank with a house they won't be able to 'use'...before you go, take EVERYTHING you can, even the hardwood floor boards (they are worth money). During your final check, dump several bags of cement into the plumbing/sewer/septic system and kiss it goodbye.
Then go somewhere else with the money you saved not making the payments...you ought to have a nice little bankroll to start over.
Fucked indeed. You are only fucked if you play by their rules. Introduce a few 'variables' to the situation. They count on most folks playing nice, and following the usual script. When they realize you aren't afraid of what they can do, and aren't following the rulebook, they start to feel how shaky their foundations are.
Staying until evicted excellent idea, but criminal destruction of property qeustionable, at best. But pay yourself first is good advice!
Load up on the insurance and Jewish lightening!
Can you say arson?
Jump, you bastards!
Why do these kind of infographics never show Houston? It's so strange to me that Houston is on the verge of passing Chicago in size, yet Dallas is always the representative Texas city. It's like Houston is this invisible city, although it is one of the fastest growing places in the U.S.
Portland and Seattle, but not Houston. Right, makes sense.
National Association of REALTORS
Median Sales Price of Existing Single-Family Homes for Metropolitan Areas
Click on this link:
http://www.realtor.org/topics/metropolitan-median-area-prices-and-affordability
Here, you will find the statistics for The Houston-Baytown-Sugar Land, TX area.Houston is also an energy town. When energy booms, so does Houston and vicinity. I suspect they'll have a very shitty time until energy prices stabilize somehow. Because I have folks near Carthage, Houston is more fun to visit than DFW metro. I think you're correct as Houston deserves more love. (Go Texans!)
Both metros have 3 area codes and high crime areas, they're both hot as hell in the summer, yet DFW has more tornadoes and Houston has more hurricanes or tropical storms.
GD,
To add, Dallas is a finance hub while, as you say, Houston is an energy hub. It's always confounded me why Houston, a city with a sea port and direct international access (although Dallas now has DFW) was kicked to teh second-tier status.
After living in Dallas now for 6 yrs, I know why. Dallas is Finance Central for all of Texas and Second only to NYC for US. I like the place as it is clean and many amenities and not so hot and muggy as Houston but since my industry, Oil and Gas, left for most part about 8 years ago, finance is the Big Name as it always was and NO INDUSTRY has done more harm to 'muricans and their country IMO than Finance.
I'm orig from G'water so know your homies well.
In my neighborhood In Chicago, home prices have soared past 2005 levels. Homes that sold for 350k in 2005 were being sold for 400k this year. These are simple Chicago bungalows. People buy homes based on the payment. Not only is Chicago getting ready to raise property taxes, but mortgage rates are getting to rise. That leaves these recent homebuyers as the bag holders. They are now instantly under water. Suckers! They never learn.
That leaves these recent homebuyers as the bag holders. They are now instantly under water. Suckers! They never learn.
Did it ever occur to you that renters rent from owners? Do you really think owners have any intention of subsidizing renters? Renters just enable an unnecessary middleman who will of course take his cut.
Detroit is huge so I'm not suprised with the chart however, Detroit inner neighborhoods are getting up there. Try putchasing down town, midtown, cass corridors, riverfront, university district. No way, it's pretty expensive and appreciating at around 30% pa and I'm not fuckin around here.
Rom will raise taxes AGAIN and fix everything - except the pension plan debacle.
This is probably why Fannie\Freddie are now offering the "My City Modification". Only being of fered in Chicago and Detroit.
Only on Zero Hedge can a -1.2% change in the price of something month-over-month bring out the apocolyptia.
Damn you and your charts Zero Hedge!
lol
Thinking about the lottery and Detroit gave me an idea...Why couldn't a group of like-minded persons pool resources and buy a huge parcel of that abandoned land? Incorporate, and fight like hell for all the tax breaks you can get. Build it up, fence it in, then tell the city you are seceding and forming your own municipality because the city isn't providing you with services. Tell the State you'd rather pay them directly, as a free standing entity, than be a part of the city.
They'd probably go for it...prefer to collect from you rather than allow Detroit to administer it as empty wasteland.
In fact, any city or municipality that allows a chunk of "their" land to deteriorate like that should be told if they can't or won't take care of it, it will be removed from their tax rolls, and be opened to squatters who will be allowed to form their own neighborhoods and apply for their own 'charter'.
Let these bloated city bureaucracies fund their own pensions and projects without the suburban tax revenues. Especially if they let them deteriorate like that. The idea that anyone who decided to try and revitalize those neighborhoods would be hit with a tax bill from Detroit on the added value they brought is no doubt a factor for anyone even contemplating this.
Maintain it or lose it and give someone else a chance.
The Chinese have that underway. Tap the water sources and land. Shoot the black intruders at the perimeter.
I guessed the city before I clicked the link, I'll bet most Zerohedgers did.
Uh, the article posted above clearly says Gary, Indiana.
No I'm kidding, it actually says Chicago.
Chicago can survive. One microcosm: Bucktown/Wrigleyville is the San Fran of the Midwest. Little pockets of wealth will persist beyond Gold Coasters. By contrast Detroit was "abandon ship" after Coleman Young.
Chicago will not survive when the Chicago PD is off the streets, welfare cards run out and the food stores are empty. Everything in chicago is a glittering facade. The Chicago ethnic communities are mostly all gone. Hispanics are the strongest group remaining in majority Hispanic neighborhoods.
No disrespect, but in absence of police, sheriff is next and he flows to posse, then to Hessian. People always find a way to protect their interests. And this all seems to be flowing toward private enterprise. Pinkerton. Garda. Brinks. Merryweather.
a.k.a. Third World status.
Add Guardsman, Hawkeye, et. al.
No disrespect taken. you are however assumming a short term event. My comments are apropo to a slow change in the makeup of Chicago neighbrohoods where comunity becomes more monolithic, or a fast moving event where authrotiy is not present.
The Status Quo in Chicago is more tenuous now than it ever was. It is built on lifestyle living as opposed to vast neighborhoods, close to work, with a great school system in which to raise millions of families. "Those days" have moved to the suburbs.
Your optimism is a ray of sun under a blood moon. The vast minority view a statistical event as such.
In a world of illogic, who ultimately rules? Menards?
By contrast Detroit was "abandon ship" after Coleman Young.
Sorry pal, as a southeast Michigan resident I know you've got this one backwards. It was because of Coleman "it's my People Mover" Young that it was abandon ship in Detroit . . . . by the whites.
Its because they keep raising the god damn property taxes there insane. 2.73% of the purchase price of the home. People cant afford it.
Its because they keep raising the god damn property taxes there insane. 2.73% of the purchase price of the home. People cant afford it.
Really surprised Las Vegas was #5 - its amazing; now the banks wont even budge on the price of the foreclosures
www.ViewLasVegasRealEstate.com
Keep bringing those prices down in Chicago. If the city "crashes" maybe we with some money but not Buffet money can afford some entire greystones off the lake as opposed to just a floor or two. Fingers crossed! ;-)
Booze meanwhile is going up. Veuve Clicquot is 190% more expensive to pour on a club girl these days.
who cares?
These shitholes are ALL run by Social Democrats who send THEIR kids to expensive private schools.
These shitholes are ALL run by Social Democrats who send THEIR kids to expensive private schools.
These shitholes are ALL run by Social Democrats who send THEIR kids to expensive private schools.
House prices in Detroit so low they really can't go lower.
Mark my words housing speculation will destroy the United States. On a long enough timeframe, it will leave everyone bankrupt and the banks insolvent, leading to a dollar crisis.
Live in Chicago illinois and be a tax slave for the public unions.
Both Madigan and Cullerton run Springfield,il. They want ever higher taxes to pay for generous chicago area public pensions.
It's why people and businesses are relocating out of state.
Continous increases in taxes will continue as long as Madigan and Cullerton are in charge.
Sales in SAN are totally dead. Rents are at peak (and I am enjoying that).
Regardless of "high" price, that is reality my friends.
NO SALE!
Chicago=Obama
Real Estate prices in the United States of America are dictated by the ease of access to the maxiumum amount of crack dealers in said area.
China doesn't permit immigration. If you want to move there with a billion dollars, or you have taught there for 30 years, you might get a permanent residency permit. Everybody else is strictly temporary, and they are registered and tracked. The Chinese are not dumb.
You know, I haven't see much of Chicago since the Blues Brothers came out...
...downtown looked pretty screwed up back then (rusted up 1800's-style "L" train, for example, and litter all over the place...).
Lotsa wrecked cop cars, too.
50+ shootings a weekend?
Damn.
m
Max & Stacy most recently visited this City: Keiser Report (797) with Mish http://forum.prisonplanet.com/index.php?topic=61127.msg1538814#msg1538814
nigger cities
The fruits of Obama's race baiting politics. No one wants to live around a bunch of ignorant and violent assholes.