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One third of Chicago homes worth less then mortgage

    How many times do I have to say
Government is the cause of the problem, not the solution to the problem!
In this case we find out that about one third of all homes in Chicago are worth less then the mortgages on them.

Why?

Almost certainly because of the government's policy of giving out mortgages to anybody who comes along and wants a mortgage.


Source

A third of Chicago-area homes underwater

By Mary Ellen Podmolik

Posted today at 12:01 a.m.

The number of Chicago-area homes with negative equity in the Chicago area continued to rise in the year’s third quarter, a troubling sign for a local housing market struggling to recover.

Some 32.9 percent of all local single-family detached homes with mortgages were underwater in September, meaning the homeowners owed more on the loans than the properties are worth, according to new data from realty Web site Zillow.com. That compares with 30.9 percent in June and 27.2 percent in September 2009. The report does not include data on condominiums.

Nationally, 23.2 percent of homes have negative equity.

“Negative equity is going to continue to cast a pall over the housing market for the next several years,” said Stan Humphries, Zillow’s chief economist. “All these people are trapped in their homes and can’t move onto another one and it’s throwing off more foreclosures. For people who are not going to move anytime soon, it is much more of an academic issue. For people who need to move or who encounter an economic issue, it’s a material issue.”

Zillow also found that 27.7 percent of homes sold in the Chicago area in September were sold for a loss. That compared with 26.8 percent in June and 24 percent in September 2009.

Within the city of Chicago, 17.6 percent of single-family homes and 20.99 percent of condos sold for a loss, Zillow said.

   

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