There was a moderately interesting piece in the Sun-Times on Saturday about "soaring home prices" - Prices Soar Through the Roof. Except that it really wasn't.
Okay, there were some funny parts, such as when the artist identified the increasing gentrification of their neighborhood by saying.
"I looked out the
window and saw someone walking their dog," she said. "That's a totally
yuppie thing to do. This was the kind of neighborhood where the dog
would have been tied up in the backyard." or
It wasn't long after that that Slawinski looked out her window and started screaming: "Dick! There's a jogger!"
But other parts don't tell the story I'm looking for - so someone bought a house for $108,000 and added $175,000 in improvements - is it really that surprising that 12 years later its worth just double that amount at $600,000? Or, when someone buys a brand new 4,000 square foot house that it costs between $550,000 and $750,000?
Ladies and gentlemen, 4,000 square feet is a VERY BIG HOUSE, no matter what neighborhood you live in. I have a hard time developing much empathy for such a situation. And subsidizing this type of house surely can't be where we're headed.
But I really like this - "Its criminal." "OK -- there's no law against it, but it's morally abhorrent. It's indentured servitude. It's wrong." What?? I understand being concerned about the issues, but is this guy going to take less money on his house and sell to a firefighter?
That said, I don't understand the economics of the situation to know whether there is a 'vanishing middle class' here or there are other factors (more two income households?).
There probably is a good story here, it just can't be told around 3,000-4,000 square foot houses.