Quote:
Originally Posted by pocketkangaroo
Housing bubble hasn't burst here in Chicago. Prices are still stupid expensive.
|
Hence the reason for that 40%+ in foreclosures and rapidly rising... Sure there are areas where prices have been held, tho overall this is not good news.
Another odd stat... and this was part of the US Treasury Report for.. think 2002. At that time total indebtedness was estimated to be equal to 94% of all home values in the US - and included the contents within these homes. Since 2002, that situation has become far worse and, who knows, but probably in a deficit condition now.
Home values are not anywhere near the ability of folks to pay for homes - again, probably part of the reason that the nation spends 160% of it's wage bill.