Chicago’s Housing Market Is A DISASTER! – Here’s Why

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

Featuring:
Josh Sigurdson
John Sneisen

Graphics by Bryan Foerster and Josh Sigurdson

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2018

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7 Comments

  • TransLogix
    Reply

    I live here. Lots of people leaving or plan to leave soon. It will get much worse before it gets better.

  • Laura
    Reply

    You are 100% right Josh people depend on the banks to get them out the hardships, a house is not an asset anymore, houses are overvalued, plus you end up paying double price for a house to the banks. It is not worth getting out mortgages for house. This is how you end up in servitude to the banks and the government with property taxes.

  • lucas leon
    Reply

    I think those numbers are being nice. In the suburbs property taxes are about 6 grand a year for 1000 sq foot ranch home.10.75-12 % sales tax. Illinois is mostly filled with welfare recipients and feminists that always protesting down town. Not much to see here. Sucks for all the honest hard working people here that are apart of this

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