Chicago Relocation

Truly our problem now….

September 20, 2008

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Well, the entire country has finally inherited the mortgage/finance/real estate bubble debacle.  For those of us Chicagoans who haven’t connected the dots, here it is in one sentence – We, the people, are bailing ourselves out with our own tax dollars.  To borrow from one of Illinois native sons (OK he’s from Kentucky, but he split most of his rails here), maybe the best approach is “with malice toward none, with charity for all.”  Let’s stop blaming, because there’s enough of it to go around and almost everyone played a role — The rich CEOs, the lenient loan officers, the greedy flippers, etc. etc. etc……
The good news was that yesterday at noon the  30 year rate from Rubloff-Wells Fargo mortage was still a low low 6%.  The better news is that I received an email an hour later stating that the rate had further dropped to 5.75%.  Money is still available, for those with good credit and the ability to repay and the forsight to save 20% before buying.  That’s not a bad thing – having good credit, being reliabe and consistently saving. At least it wasn’t back in the day.
So it is the bleary eyed morning after, and the hangover is going to last as long (or longer) than the party did.  Most of us learned that in our youth, so it shouldn’t be much of a surprise.