Interview with Longtime Chicago Homeowner

When and where did you buy your home?

Chicago man. Skokie, a northern suburb of Chicago in 1981.

Do you believe in the housing bubble?

Yes. Because over 1/3 of all homesales are for investment or as second homes.

Do you believe there is a bubble in Chicago?

No. But there is a bean ( the Bean is part of the Millennium Park, downtown).

Do you think home prices will continue to rise in the Chicago metro area by 8% a year over the next few years?

With the increased interest rates and less speculation prices will rise more slowly. In the Skokie area there has been many teardowns and rebuilding of the monster homes in the past few years.

What effects will the end of the housing bubble cause for the national economy?

Money will go back to the stock markets, especially foreign markets.

Would you consider extracting equity from your home?

Yes, as much as I would extract gold from my yard.

Thank you Mr. Homeowner for your time. Much appreciated.