Porker’s Index III
It’s been a while since I did a Porker’s Index and they’re always fun.
Since I’ve got foreclosures on my mind lately let’s start with…
The Shadow Market
“Shadow market” in terms of home sales refers to incomplete short sales, pending foreclosures, and homeowners who are at least 3 months behind on their mortgage payments.
Unemployment in Chicago
August 2010: 11.4%
August 2012: 10.3%
Mortgages over 90 days past due in Chicago
August 2010: 10.4%
August 2012: 10.2%
Amazing how little has changed over the past two…
Months’ Inventory of Distressed Property, Chicago Metro Region
August 2010: 30.2
August 2012: 19.4
Moving right along, one of the main problems with distressed properties (short sales, foreclosures, and delinquent mortgages) is people spending too much on their mortgage payments.
Americans spending more than 30% of their income on their mortgage: 37.5%
Illinois residents spending more than 30% of their income on their mortgage: 38.2%
Percentage of Americans who think that if you’re spending too much on your house you should sell it and buy a cheaper one: 63%
Full Moon Fever
Crimes reported in Chicago in 2012
On the days surrounding full moons: 12,266
On the two days immediately before: 12,000
Worst day for crimes in the past 12 months, Chicago: November 25, 2011 (Black Friday)
So holiday shopping got the worst of us last year. Maybe it’s because of all the debt we were racking up.
Comparative US Spending
Total Holiday Spending, Nov 25-Dec 24, 2011, US: $52 billion
Just to put that into perspective:
Annual US Liquor Store Revenue: $45 billion
Annual US teen spending: $208.7 billion
Total Franchise Revenue for 23 seasons of “The Simpsons,” including the movie: $12.3 billion
Speaking of the Simpsons…
Annual Per Capita Wine Consumption:
US: 1.08 cases
France: 4.9 cases
Annual Per Capita Cheese Consumption:
You know, when I think of cheesy things, one particular person always comes to mind.
By point of comparison…
And to wrap things up in a nice little circle…
R. Kelly’s estimated net worth: $1.5 million
Original principal on the 1999 mortgage for R. Kelly’s mansion in Olympia Fields, Illinois, now facing foreclosure: $3.5 million
R. Kelly’s estimated monthly payment on that mansion assuming 1999 Jumbo mortgage rates & 20% Down Payment: $17,729
Which means that to avoid overspending, he would need to earn $709,160 per year.
…or a little less than half his net worth.
- Bureau of Labor↩
- World Almanac & Statisticsbrain↩
- Reuters and Apple↩
- Cook County Recorder of Deeds↩