Lakeview Single Family Cottage Home Sells for $377K: 3041 N. Honore
We last chattered about this 2-bedroom cottage home at 3041 N. Honore in Lakeview in June 2010.
See our June 2010 chatter here.
It recently sold for $67,000 over the 2003 purchase price.
The house had no garage or parking (street parking only) as it abutted the Metra train tracks.
It did have central air, 2 bedrooms upstairs, and renovated bathrooms.
The kitchen had granite counter tops, white cabinets and white appliances.
The property was completely move-in ready (and was NOT being sold as a teardown.)
This house was snatched up quickly. Was it a deal?
(For those of you with a Redfin account, you can see pictures of the sold property there.)
Kris Mork at Coldwell Banker had the listing.
3041 N. Honore: 2 bedrooms, 1.5 baths, no square footage listed
- Sold in February 1997 for $102,500
- Sold in June 2003 for $310,000
- Was listed in June 2010 for $379,900
- Sold in August 2010 for $377,000
- Taxes of $4446
- Central Air
- No parking
- Bedroom #1: 11×13
- Bedroom #2: 10×13
- Unfinished basement
I bet the buyers are extremely happy and content w/their purchase. The stress of having to worry about finding a place can be crippling (as I am told). The relief and ability to move on to more important things in life is probably a great feeling to these buyers. More people can experience these feelings if they just stop listening to the nay sayeys, think independently, analyze their personal situation and stop being afraid of the real estate market.
Agree… and even were the market to fall further, what of it, if you bought a place you truly like for a reasonable price within your means?
If you bought for the right reasons, within your means, and for the long-term, you won’t really care if it falls in market value. And if the thought bothers you, just stop looking, because it never fails… the minute you buy, a better deal ALWAYS appears and you’re better off if you don’t know about it.
“The stress of having to worry about finding a place can be crippling (as I am told).”
Yes, now they just need to find a place to park! I will go on record as saying that $377 is too much to pay for a 2 bedroom, on the RR tracks, white applianced, no parking place. Seller wins.
anyone that says its “stressful” finding a home to buy (at least while you’re still living somewhere) is an idiot… it should be a fun experience
Congrats to the 2003 buyer for making a profit. It’s good to see any indication that the bleeding has stopped.
Jon – the buyer may see something we don’t though I agree with your comment about overpaying.
Sonies – home buying lately, from what I have wittnessed, hasn’t been fun. I can attest. Unless you have plenty of available funds, its pretty high stress I think, especially in Chicago…I agree with you too that is SHOULD be a fun experience, but I also SHOULD be living in a Trump penthouse (jk).
Finding and planning/making a home is fun. Sometime in the 90’s a home became an investment and a cash station via equity. If you return to the concept of home apart from all the investment hype and look within your current means it is fun- speaking from experience
sure, home buying should be fun. But its also the biggest investment of lifetime for most folks. So “just close your eyes and jump right in” is a very bad advise and unethical if coming from a realtor.
I have never seen the home buying experience being “fun” for anyone. Not for me when I bought in 2009, and not for the 5 other people I can think of right now. A friend now is trying to buy a bargain and it is consuming his life in a negative way. For me it was the concept of putting my life savings ($40,000) into a house and returning to a bank account balance of $5,000. That’s hard.
Oh there’s plenty more blood letting to come. Did I mention that sales volume has collapsed after the tax credit expired? What do you think that will do for prices?
“danny (lower case D) on August 13th, 2010 at 4:48 pm
Congrats to the 2003 buyer for making a profit. It’s good to see any indication that the bleeding has stopped.”
clio must be Steve Heitman’s life partner.
how “fun” it is depends on your price range vs what you’re hoping for.
in our case, we were dead set on being *extremely* close to a train station, bike route downtown & the highway – so we knew we were going to have to compromise on the house itself to get the location we wanted.
so that was kind of tough/not so fun. we’d see a dozen houses on a saturday, love the locations, but then realize how much work they needed to be livable for the next 15 years+, and walk away.
we quickly learned not to even bother looking at homes outside of our target areas, as it was depressing. they would often be in much better condition, but the location trade-off wasn’t worth it.
looking back, we definitely made the right decision for us – while some of the renovations we’ve done have been a hassle, adding 15 minutes to each end of our commutes is a hassle we’d be stuck with 5 days a week, year-round.
DID ANYONE CATCH THAT THIS PROPERTY HAS A $371,990 MORTGAGE ON A $377,000 PURCHASE PRICE???
We’re practically back to ZERO DOWN again!
Buy NOW or be priced out FOREVER!!!
Once the FHA runs out of money and congress stops throwing money at it we’ll have another leg down in the real estate market.
“DID ANYONE CATCH THAT THIS PROPERTY HAS A $371,990 MORTGAGE ON A $377,000 PURCHASE PRICE???”
If I could, I would. Even if I had the cash on hand; it’s free money right now.
Bob, there aren’t enough qualified buyers foolish enough to buy to support the market. Prices are crashing as we speak. In slow motion of course. We’re in the middle of a stand off and we know always wins taht.
“#Bob on September 10th, 2010 at 11:08 am
Once the FHA runs out of money and congress stops throwing money at it we’ll have another leg down in the real estate market.”
“Prices are crashing as we speak.”
Potential buyers – don’t listen to this B.S. – there are valid arguments supporting home appreciation (albeit low) over the next 5 years. Everyone should examine the data themselves, examine their own personal situation and make an educated decision based on facts and personal circumstance. Don’t let these emotional teaser statements scare you from buying.
Any person who says prices are still going to drop is currently renting and/or does not have the guts to invest right now.
How ’bout them FHA loans?
http://valuationmatters.blogspot.com/2010/09/explosion-of-fha-insured-mortgage.html
Our government has foolishly spent trillions of dollars in an attempt to stabilize house prices gambling on the economy to stabilize and grow. Instead the economy has not grown and the structural issues facing the economy remain. And those valuations were never realistic to begin with.
Most of the economic growth over the past decade was a mirage based on an asset bubble of ever increasing valuations. Millions of workers were mis-allocated to these ponzi industries and now the correction is in.
In fact I suspect a lot of our government officials and economists support these policies of wealth transfer from renters to owners merely because they are personally long real estate. See Geithner’s $1.6MM house he is trying to sell. He doesn’t want to take a bath with that one.
How many other congresspeople do you think are personally long real-estate? Probably most if not all of them.
If this market was anywhere near normal clio you wouldn’t see government teaser programs like the tax credit.
This market is far, far from normal and is supported only via the stilts of government intervention. But with our Treasury running $1,700,000,000,000 deficits each year, this cannot go on. Its entirely unsustainable.
Oh foolish A-Fed, you don’t need ‘guts’ to invest now, all you need is a pencil, a piece of paper, and remedial of math skills.
“#A-Fed on September 10th, 2010 at 11:25 am
Any person who says prices are still going to drop is currently renting and/or does not have the guts to invest right now.”
Monthly FHA Delinquency and Default Report for June 2010
http://www.loansafe.org/monthly-fha-delinquency-and-default-report-for-june-2010
“In June 2010, the number of FHA defaults in all categories increased for the third consecutive month according to HUD Neighborhood Watch data. HUD Neighborhood Watch June data shows that the combined FHA delinquency and default rate is 20.62% which represents more than 1 in 5 FHA borrowers.”
Bob, what I think is funny about Congresscritters is that so many of them were ‘Friends of Angelo’ and got VIP rates.
Countrywide made some of the worst loans possible and fully submerged itself in to the subprime mess. You could think congressmen, with lots of money and access, would use more reputable banks. Instead they probably had bad credit and Angelo helped them out…
HD – but you need the “guts” to use the pencil to sign the paper. And you need to know how to read so you know what you are signing. And remedial math skills…yeah if you want to get in over your head because you didn’t accuraetly assess what you can afford, then sure!
(funny how you didn’t address the earlier part of my statement: Any person who says prices are still going to drop is currently renting)
FHA financing is pretty crazy. If you are a seller, you almost feel guilty about it. For about a minute, then you get over it.
That said, FHA financing is a very good thing (borderline brilliant) assuming prices don’t fall precipitously from here. If they do, then we’re in for trouble.
My view is that prices are not going to fall precipitously from here. If they do, the naysayers are f’d along with the rest of us. We’ll see how comfortable HD is paying his rent when 25% unemployment knocks at his doorstep.
Your hyperbole with no factual basis whatsoever was summarily ignored.
“#A-Fed on September 10th, 2010 at 11:34 am
(funny how you didn’t address the earlier part of my statement: Any person who says prices are still going to drop is currently renting)”
Are you and A-Fed the same person? Another blanket statement with no factual basis whatsoever. You keep repeating it over and over again but that doesn’t make it true.
PRices fell precipitously before and no one is dying, there are no hoovervilles, people aren’t selling apples on corners.
“f they do, the naysayers are f’d along with the rest of us. We’ll see how comfortable HD is paying his rent when 25% unemployment knocks at his doorstep.”
different person HD.
And people are definitely selling apples on corners. Maybe you don’t venture to the south side.
HD – do you rent or own?
“Instead the economy has not grown”
To the contrary Bob the economy has grown.
1.6% in Q309
5.0% in Q409
3.7% in Q110
1.6% in Q210
Interestingly, when you look at the numbers in aggregate dollars, you realize our economy is larger than it was in 2006, 2007 or 2008. $14.6 trillion in Q210 seasonally adjusted and annualized vs. $14.1 trillion in 2007 or $14.4 trillion in 2008.
“You keep repeating it over and over again but that doesn’t make it true.”
Seems like a very fat pot calling the kettle black here.
“Seems like a very fat pot calling the kettle black here.”
Oh no you dinnit!!
HD, the brutual irony is that you are definitely f’d if prices decline (along with everyone else). Good luck finding a way to retire.
Hoping for negative news only hurts you worse and will prevent you from building wealth. Truth is, it doesn’t matter if you rent. There is no arbitrage here pal.
JMM: the difference, JMM, is that i’ve been correct.
A-Fed: I rent but that has no relevance to “Any person who says prices are still going to drop is currently renting” There are plenty of owners who believe prices will continue to fall.
Yes, I am guessing HD’s BMI is over 30. Just a guess. Thick glasses too.
March 2009 Chicago CS index (seasonally adjusted) = 124.51
June 2010 Chicago CS index (seasonally adjusted) = 125.15
Seems like prices have been level for a while now. Where is the evidence you’ve been right?
Its completely relevant HD! You preach to rent more than anyone on this site (imo) yet your “opinion” is completely bias, thus can only be agreed to with liitle or no confidence.
I will give you props for your ability to express your opinion, with creativity and very well written. But unfortunately, your knowledge of finance and ultimately, how to make money, is inaccurate and appears to be derived from “what other people are saying.”
“To the contrary Bob the economy has grown.”
Whenever I refer to “the economy” here let me be clear that I am talking about the private economy (ex government spending).
And we’ll see what happens when that government spending is removed. There is ample evidence the bike won’t go without its training wheels.
The Case-Shiller index is an average of three months, the June numbers include prices that were propped up by the $8K tax credit. Let’s see how the CS index looks in a couple months.
“Seems like prices have been level for a while now. Where is the evidence you’ve been right?”
Agreed. HD basically ignores marco and micro data even when others present it clearly and indisputably. Half his posts are the same stupid comment… Buy NOW or be priced out FOREVER!!!
His focus group is the sum total of the deadbeats who walk into his office. That is if you believe him — I think its just an alter ego and he uses his posts to sooth his self loathing over losing his ass on a house in Downer’s Grove. Just a guess though.
“Seems like prices have been level for a while now. Where is the evidence you’ve been right?”
Selective data picking as always. But lets revisit the topic the last week of October when the CS index (average of past three months) no longer shows the tax credit.
I see ample evidence he will be proven right, as will others:
http://www.calculatedriskblog.com/2010/08/on-case-shiller-house-prices-october-is.html
Sounds like your livin’ on a prayer. And pleads to potential purchasers to not be scared off and sidelined are quite hilarious as they show the level of fear current owners have. And its justified: you should be fearful as you have a lot at stake and there’s some dark clouds on the horizon.
“The Case-Shiller index is an average of three months, the June numbers include prices that were propped up by the $8K tax credit. Let’s see how the CS index looks in a couple months.”
JMM is scared to admit he may have mismanaged his personal finances with regard to housing allocation.
It must be doubly devastating to him if indeed he does run other people’s money as he claims (I’m not so sure though) as if he cannot even keep his own financial house in order what does that say about his ability to manage others money?
Funkstein:
Correct. So look at the sequentials:
March 121.76
April 123.13
May 123.62
June 125.15
What must be true of June 2010 if March 2010 121.76 rolls off and the index increases from 123.62 to 125.15?
I’m no math wizard, but it seems to suggest spot month prices have increased more significantly that the index shows. And they seem to be accelerating.
It’s a pattern: increase in the number of listings, precipitous drop of in sales volume…..then a sharp drop in prices follow. It happened in 2007/2008 and it’s very obviously happening again.
JMM: Lower home prices IS NOT negative news. It’s positive news! Future homeowners will pay less for housing and less of their income will be devoted to housing! How can that be a bad thing?
JMM: Can I throw egg on your face this winter when the CS index again proves my assertions?
and those deadbeats that walk into my office are the headwinds that got us into this mess and continue to drag the economy, and housing prices, down.
Bob — your comments don’t even make sense. How did I mismanage my personal finances with regard to housing allocation? Do you know my personal financial situation?
As far as running money goes, it is only part of what I do. We operate through funds of funds, so I am not managing portfolios day to day.
No those deadbeats are deadbeats. Which, if you really wanted to prove me wrong (about being f’d), would have you admitting that your job is recession proof because these misfits exist regardless of the economy.
HD — if the CS index drops 10% from where it has been for the last 15 months, then yes. That is what you have been calling. So, 115 and sure.
And then I will ask you, how is your investment portfolio? How about that college fund? Lol.
“How did I mismanage my personal finances with regard to housing allocation? ”
I consider anyone underwater or who lost a substantial sum of money in RE over the past decade to have mismanaged their personal finances (altho NOT an owner who treated house as ATM and extracted $, they were quite shrewd).
IE: a portfolio mgr who bought a big pad during the boom. If that’s not you then the mark was off. I’d bet they are doubly defensive on housing for reasons mentioned above.
You can say its just bad luck/timing/etc but there were clear signs we were in for a rough finish in 2005, and although that was already well into this boom, it did provide enough time to bail in or near the peak.
“JMM: Lower home prices IS NOT negative news. It’s positive news! Future homeowners will pay less for housing and less of their income will be devoted to housing! How can that be a bad thing?”
Nonsense. If prices are declining, people wait and postpone healthy household formation decisions.
Do you have any F’ING CLUE how MUCH economic activity is precipitated by a new home purchase? Did you ever take an economics class?
That economic activity drives every wealth creation opportunity you have — you think you are so smart, sitting on the sideline to “get a great deal”, but you are fooling yourself and more importantly others who read your drivel. Market timing does not exist, luck does.
Not to mention, less income is already being devoted to housing. Hello? Interest rates at record lows?
JMM: My job is not recession proof. If people, banks, clients, can’t afford to pay, well then, I’ve got problems. Which believe me, many lawyers are hurting. Especially in the race towards the bottom with respect to price.
Investment portfolio? It’s more about return of capital then return on capital.
Weve been talking about existing home sales JMM which contribute very little to the economy. New home sales is in a depression. that’s an entirely different issue.
Who slept through economic 101 at u of I?
“Do you have any F’ING CLUE how MUCH economic activity is precipitated by a new home purchase? Did you ever take an economics class?”
low interest rates are not enough.
“Not to mention, less income is already being devoted to housing. Hello? Interest rates at record lows?”
“Do you have any F’ING CLUE how MUCH economic activity is precipitated by a new home purchase? Did you ever take an economics class? ”
Housing is not a normal good as taught in economics classes. Given the government intervention and shady lending practices (ie: CASH BACK at closing!) it is likely much of that “increased economic activity” is actually just paid for by increased debt/credit.
The problem as the financial crisis of 2008 taught many that did not already know this is is that you cannot rely on an increase in economic activity solely due to increased access and utilization of credit.
Its basically why the sole reliance on GDP as an economic indicator is fatally flawed. GDP tells us nothing when looked at in a vacuum.
“IE: a portfolio mgr who bought a big pad during the boom. If that’s not you then the mark was off. I’d bet they are doubly defensive on housing for reasons mentioned above.”
Yeah, not me at all…
The pad is average for the neighborhood thanks very much (its a nice neighborhood) but I’ve owned my house for about 15 years. 8 of them fully paid for (its 2010 right?).
I spent some time in Europe in my career and homeowners there have a different mentality about housing. To certain cultures in Europe, a morgage is a bogey to be taken down as soon as possible. After all, it is a guaranteed rate of return (interest forgone). Besides, people would point out, not only are you building savings but you are building safety (not having to be bound by a mortgage) which had additional value beyond the paydown.
After we purchaed the house we began making payments on the side because we have plenty of excess cash flow. We started with $2k per month and adjusted it as incomes grew. By the 7th year we were paid off, which included applying parts of bonuses to the mortgage, etc.
I’d say owning a house outright is the greatest favor you can do for yourself financially. Just like there is value to excess liquidity, there is value to retiring a mortgage.
I’m interested in real estate insofar as it drives other asset class pricing, and we’re also invested in some multi-family residential, commercial and industrial projects.
“Who slept through economic 101 at u of I?”
Because people don’t buy new furniture, beds, washers and driers when they move from a condo to a house? You’re an idiot if you think existing home sales don’t drive economic activity.
I am still laughing that HD thinks existing home sales contribute very little to the economy.
I guess because he has never bought a house he doesn’t know what happens, but wow. That is the most unenlightened comment from him yet.
“I’d say owning a house outright is the greatest favor you can do for yourself financially. Just like there is value to excess liquidity, there is value to retiring a mortgage. ”
I agree. But I’m not sure the rest of America has come to this conclusion yet. Its going to take a few more years of ZIRP to make pre-paying a 4% mortgage look attractive. I’m almost out of debt (not mtg) myself and the last tranche is at 1.625%.
Yeah why pre-pay this as its essentially free money right? Not needing the liquidity I can’t think of a better allocation for it. And not worth the paperwork shuffle for a few extra bps.
LOL HD, wtf are you talking about
Home purchases are very good drivers of economic activity as the maintenance, furnishing, kid crappin, etc. involved are huge economic multipliers
Sonies —
He has never bought a house. Give him a break.
If he says something, he expects people to believe it.
is HD, Sarah Palin?
“I’d say owning a house outright is the greatest favor you can do for yourself financially. Just like there is value to excess liquidity, there is value to retiring a mortgage.”
I thought you were in the camp of it would be stupid not to take a loan at current rates and invest elsewhere.
If you took out a mortgage now, would your interest be deductible?
So you move into a new house and throw out all your beds and sheets and immediately replace your washer and drier?
JMM, what are you talking about? you and I obviously live in a differnet world than I do. The north shore has what, 5% of the population of chicagoland?
Do renters buy new beds and sheets and shower curtains too? are shower curtains really such a big driver of economic activity?
New homes yes. New appliances when the house is built and other things. but existing homes? Come on JMM…
“#JMM on September 10th, 2010 at 12:49 pm
“Who slept through economic 101 at u of I?”
Because people don’t buy new furniture, beds, washers and driers when they move from a condo to a house? You’re an idiot if you think existing home sales don’t drive economic activity.”
what about lawncare equipment HD?
you don’t need that in a condo and you sure as hell do when you move to a typical SFH
“Do renters buy new beds and sheets and shower curtains too? are shower curtains really such a big driver of economic activity?”
For a comparable unit I would guess no, no increased economic activity if no upgrades. But most people like upgrade their residence when they go from rent to ownership status.
In fact in Chicago I am guessing that has to be one of the leading drivers of why there is not rental parity but rather a premium to home ownership.
People are undoubtedly paying more for owning when they buy, but they can justify in their head as they have a nicer/bigger place and are prevented from doing an apples-apples comparison.
HD — You’re dead wrong on this point. Though your economic-theory credibility is shot, just admit it and move on.
“I thought you were in the camp of it would be stupid not to take a loan at current rates and invest elsewhere.”
No I am not in the camp. I understand why people feel that way though.
Why are owners only allowed to upgrade?
What about renters?
What if I move apartments and I buy a new a roll of toilet paper, is that a driver of economy activity? What about shower curtains?
Or is it only owners that buy these things?
JMM: Show me exactly where in your textbox you were taught that existing home sales is a major driver of economic activity because people replace beds and driers and washers. Show me.
What the hell is a textbox?
HD, the correct rejoinder is that housing sales are plenty slow as it is anyway now, a decline in prices might actually increase number of sales (when people agreed prices truly were low), home sales at lower prices might leave homeowners with more money to buy fancy dining tables, and there you go.
Certainly, a precipitous decline in housing prices would have other effects. We did live through such a decline though, and the world did not come to an end, even though it was touch and go there for a while.
“Show me exactly where in your textbox you were taught that existing home sales is a major driver of economic activity”
Dude, JMM, Sonies and **Bob**+ agree that you’re fundamentally wrong. Don’t you see that you’re acting like clio (who is–undoubtedly–about to spring to HD’s defense).
+sort of, wrt Bob.
“home sales at lower prices might leave homeowners with more money to buy fancy dining tables, and there you go. ”
Except the seller has less money for fancy tables (and coincidentally, unless it is an estate sale, needs to live somewhere else), so its a zero sum game.
Let me put it this way- when I rented I bought a new shower curtain and when I finally bought a place I replaced the plumbing.
**Bob**+
anon, are you using a different footnote symbol in this circumstance. I must say it troubles me.
“Except the seller has less money for fancy tables (and coincidentally, unless it is an estate sale, needs to live somewhere else), so its a zero sum game.”
I would say that the seller is also paying less for their new place. Also, some of this is net new homebuyers. My heart is not really in this debate though.
I moved a year and a half ago and am still working on replacing all my ikea garbage
I vowed to not get nice furniture until I bought a place because who wants to move nice furniture around every year or two?
not me, that’s who…
SO what if everyone thinks I’m wrong. Consensus does not make fact. You should all know that.
Your argument is that people buy existing homes and then turn around and drive economy activity by replacing all the current household goods they have. To which I call BS. Few people immediately replace a perfectly good drier or washer or bed when they move. In fact, I just bought a new bed and sofa I chose to renew my lease. when I buy a house next year or the year thereafter I don’t intend to replace those. Maybe people buy new trinkets from IKEA but they’re not doing an overhaul.
You’re confusing existing home sales with new home sales; which require before being sold, a brand new HVAC system, washer/drier, appliances, cabinets etc.
There was an economic activity iwth the $8,000 stimulus, yes, some people bought new furniture and appliances, but, that’s generally not the case.
“anon, are you using a different footnote symbol in this circumstance. I must say it troubles me.”
Yeah, b/c of my Selectric HTML(R), I was kinda stuck and tried something new.
“SO what if everyone thinks I’m wrong. Consensus does not make fact. ”
Nor does volume or repetition. You have a *big* blindspot on this one. If/when you buy a house, are you going to dumpster dive for the furniture for the extra two bedrooms? Are you going to make do with *only* the stuff you already own or can otherwise get for free? If so, and it happens soon, let me know, as I have a few things looking for a good home, if you can come pick them up.
Sonies, jsut for the sake of argument, let’s say that you decided to stay put and rent for 5+ years in the same apartment. Would you keep your ikea stuff another five years until you bought or would you slowly replace them just as you are doing now?
How long does IKEA junk last anyway?
“#Sonies on September 10th, 2010 at 1:40 pm
I moved a year and a half ago and am still working on replacing all my ikea garbage
I vowed to not get nice furniture until I bought a place because who wants to move nice furniture around every year or two?
not me, that’s who…”
“How long does IKEA junk last anyway?”
A minimum of ten years if you (a) assemble it well, (b) use it appropriately and (c) take reasonable care of it.
“SO what if everyone thinks I’m wrong. Consensus does not make fact. You should all know that. ”
haha now you sound like Obama
No one is confusing anything HD — you are just wrong on this one. Both new and existing home sales stimulate major consumer purchases, particular consumer durables.
New homes drive more construction materials, such as aggregates and supplies and the like. But they are a longer lead, so existing home sales are a nearer term indicator, particular for near-term consumer spending.
You won’t get any competent financial or economic mind to agree with you on this point.
HD — I think it is worth pointing out that which is demonstrably incorrect. The reason existing home sales are so closely watched is because of its value as a leading indicator of economy activity. Otherwise, who cares other than the NAR?
Admit you don’t know what you are talking about here and move on. At times you have valid points, this just isn’t one of them.
Ikea stuff lasts maybe 5 years if you move frequently as we did. Might be able to scratch out a few more if you kept it in place and didn’t use it much, but I think the point JMM was trying to make is that typically when people move, they “usually” move to larger spaces whether that be condo to house in the burbs, or house to house, or even condo to condo. Only empty nesters or retirees really downsize and most people move due to kids or marriage (hence the need for more space & crap to fill that space)
Some stuff at IKEA is OK and relatively inexpensive, other is crap. Moreover, most of the ikea stuff is design knock-off of sweedish/danish design.
Nothing at IKEA compares to high end manuf’s such as Cattelan, Tonin Casa, maybe Rossetto (just to name a few).
“Only empty nesters or retirees really downsize and most people move due to kids or marriage (hence the need for more space & crap to fill that space)”
And wifey with her nesting instinct wants to “own” and not rent a house. Afterall renting is for the working class and hoi polloi, right? heh.
I do think existing home sales are an over-used leading indicator of general economic activity even if very relevant to housing trends.
amazing. the phrases “home purchases as a driver of economic activity” and “existing home sales as driver of economic activity” yield zero google results.
“George Bush is the devil” yields 1,790,000
HD – are you concluding that accuracy is based on the number of google results?
I’m just saying those aren’t phrases used very often.
“A-Fed on September 10th, 2010 at 2:14 pm
HD – are you concluding that accuracy is based on the number of google results?”
HD – do you really base your academic research on phrases that are used often? If so, how about this:
http://www.google.com/intl/en_us/press/zeitgeist2009/cities.html
This will tell you everything you need to know about Chicago real estate…
HD – consensus does not yield fact otherwise George Shrub, I mean, George Plant…shoot! Bush, Geroge Bush – there, got it right – is really the devil. WAIT A MINUTE!!!
Don’t kid yourself, cribchatter isn’t academic research.
I’ve got westlaw for that. hhahahaha
“JMM on September 10th, 2010 at 2:32 pm
HD – do you really base your academic research on phrases that are used often? If so, how about this:”
Something just occured to me which I don’t understand.
I thought homebuyers who put less than 20% down had to obtain PMI to protect their lender against the high risk of default. So now that all these homeowners are defaulting, what happened to the PMI? What was the purpose of it if it doesn’t insure the lender at all. Who exactly was providing the PMI?
“I thought homebuyers who put less than 20% down had to obtain PMI to protect their lender against the high risk of default. So now that all these homeowners are defaulting, what happened to the PMI? What was the purpose of it if it doesn’t insure the lender at all. Who exactly was providing the PMI?”
1. 2d Lien lenders. Hence the 80/20, 80/15, 80/10.
2. FHA.