Josh Sigurdson talks with author and economic analyst John Sneisen about the ill fate of the Chicago, Illinois housing market as Chicago leads the United States in underwater homes.
A recent report from Zillow shows Chicago leading the country with 254,000 homes in negative equity. An incredible 20% of the quarter million people with underwater mortgages owe double the current value of their homes!
Chicago has an effective negative equity rate of 34.1% over the United States average of 24.6%. That’s insane!
This is the symptom of an incredibly centralized market. Illinois, mainly Chicago has seen vast central planning and artificial market manipulation for decades and people in Chicago are really starting to feel it.
The solutions are quite simple however. People must be self sustainable. Decentralized. Financially responsible. People in Chicago must break free from the socialized system and act as an independent individual. They must do their own due diligence and not be dependent on the government and banking system. Simple as that.
People must understand the market they’re getting into or else that market will eat them alive.
Stay tuned as we continue to cover this important issue!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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