2007-11-05 15:48:39 · 7 answers · asked by Dude 2 in Local Businesses ➔ United States ➔ Chicago
This problem is not limited to Chicago. This is a Nationwide issue due to Stupid People who bought into the con of nothing down, interest only, and loans with ARM's.
Interest Only Loans are Balloons in disguise. (the Balloon is when they must pay the First Principal Payment.)
Plus the owners didn't get the raise or they lost their jobs now they are unable to afford the new interest rate.
The Housing Boom has turned into a Housing Bust
2007-11-05 15:57:23 · answer #1 · answered by Tigger 7 · 0⤊ 0⤋
A home's real estate value ANYWHERE depends on its current structural state, structural style, structural style and LOCATION.
Who doesn't want a 15 room Hamptons mansion? Beautiful beachfront property--we all want it.....but only a select few can AFFORD IT...and we ain't it!!
A simple four-bedroom, 2-bath, living room / kitchen home surrounded by gang infested barrios or urban project housing areas is likely on the market for a relatively cheap price.
Who REALLY WANTS to live in such an area??? Folks living in the Hamptons surely don't want to.
2007-11-05 23:55:01 · answer #2 · answered by Mr. Wizard 7 · 0⤊ 0⤋
The value of homes all over the US aren't changing for the better.
2007-11-05 23:50:59 · answer #3 · answered by мooи sнiиe 5 · 1⤊ 0⤋
THEY ARE GOING DOWN ALL OVER THE COUNTRY AND WILL BE GOING DONW FOR 1 MORE YEAR AT LEAST
sorry for the caps
it just makes me mad tha property taxes are still going UP
2007-11-05 23:51:27 · answer #4 · answered by conejote_99 7 · 1⤊ 0⤋
yes but homes everywhere are going down also
2007-11-05 23:51:07 · answer #5 · answered by jaws65 5 · 1⤊ 0⤋
no, if anything they going up..because old houses are like antiques and they sell for a good penny.
2007-11-05 23:51:47 · answer #6 · answered by Kay 3 · 0⤊ 1⤋
nope they are going higher
no joke
2007-11-05 23:51:09 · answer #7 · answered by Lindastar14 2 · 0⤊ 0⤋