If there’s one thing I’ve learned while watching the housing slump unfold, it’s that we — and by “we” I mean consumers, government regulators, mortgage loan officers, members of the media and real estate agents — love to find someone to blame.
Trump International Hotel & Tower, Trump’s Chicago hotel/condominium project, closed its 125th hotel/condominium unit late last month. That pace is surely slower than what Trump Tower’s sales would have been in a stronger residential market. But it’s not bad: Trump Tower sales agents sold the 125 hotel/condominium units in six weeks.
Foreclosures have had a particulary serious impact on small rural towns, according to an April 3 story by writer Evelyn Nieves of the Associated Press. The reason? Even one or two foreclosures in a small community can result in slipping property values.
We all know it’s a terrible housing market. But did you know that the market is so rough it’s forcing many homeowners to dealy their retirements?
And overwhelmingly, people I speak with are ticked off that the government is even considering helping folks who can no longer afford their monthly mortgage payments.
When owners learn they are losing their house to foreclosure, they get mad. They take it out on the house because there’s no one else they can go after. So you find holes in walls, torn carpet, cigarette burns in countertops.
Time Out Chicago, an entertainmnet and lifestyle magazine based, not surprisingly, in Chicago, doesn’t seem to be the kind of real estate that would interest Donald Trump. Yet, there was the lastest issue of the magazine proudly featuring a grinning Trump on its cover and declaring that, yes, the real estate mogul had purchased the publication.
Writer Dan Van Benthuysen in a story published in Newsday, wrote about those home buyers who don’t mind moving five or six times, who can’t resist the call of another fixer-upper and who can’t stop imagining what it’d be like to live in that other home down the street, in the next town or in the next state.
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