Home Prices In 20 US Cities Decline Over 16%

Who didn’t see this coming? Housing prices continue to drop at an alarming pace. When you see 800 square foot condos going for a half million dollars in an average part of town, you know there is a problem. The problem stems mostly from banks and the so-called ‘flippers’. It amazes me how people made millions from simply flipping property. It underscores the laziness of people if they are willing to pay $10,000 to $100,000 more for a house just because somebody splashed $100 worth of paint on it and fixed it up a little bit. Nobody seems to want to do the work themselves anymore and they are willing to pay a premium for it.

Homes are still overprices if you ask me. In Chicago there are many average homes that are still on the market for a half million dollars. The buyer would have to pay their mortgage on top of the enormous property taxes Chicago requires. I’m not sure how most yuppies can afford it. Truth be told, they can’t. It seems that kids straight out of college want it all right now. They’ve gone out and gotten credit to get it too. Now it’s time to pay up and they can’t. Many are losing jobs or not able to get the 60K jobs they banked on.

I’ll rent for now and let prices fall to where an average couple can actually afford to buy food to put in the house they buy.