Did the spike in gas prices burst the housing bubble?
c4cmedia asked:
What does your commute look like?
How much are you spending on gas every week?
Did you mortgage payment shoot through the roof?
Maybe there’s a connection.
Download this at higher quality here: http://blip.tv/file/get/CEOsForCities-DrivenToTheBrinkTest627.m4v
Download the full research paper here: http://www.ceosforcities.org/newsroom/pr/files/Driven%20to%20the%20Brink%20FINAL.pdf
I do believe that gas prices had an effect on home prices, but when home prices were INCREASING in the early 2000s, the suburban areas jumped faster than the inner cities.
Gas prices is probably one reason, but not the major reason.
YOU MENTIONED IT!!!!! SUBURBIA *****!!!!
LETS MAKE NEW URBANSIM DOMINANT!!!!
NO MORE OF THAT UGLY, DISFUNCTIONAL, DEPRESSING, UNHEALTHY “SUBURBIA” STUFF WE LIVE THAT LACKS SENSE OF COMMUNITY, CHARACTER, & CULTURE THAT IS BAD FOR THE ENVIRONMENT, COSTLY, AND JAMMED WITH CARS!!!!???
New Urbanism reduces the need for driving where we could SAVE OUR RESOURCES ON BETTER THINGS!!!!!
Beautiful Architecture and Design Here We Come!!!!!!!!!!!!
I always wondered why people are driving 100km each day to their offices, when most of them could do home-work. The suburb-concept is not existing where I live. I’ve got 6 grocery stores, 3 underground stations, 4 bus lines, 5 restaurants and a couple of tramway stations within a distance of two minutes walking. To me that is what I’m expecting when I live in a city. Even company buildings are closely located to mass transportation because that makes the wages for the workers actually bigger.
Thanks…for a minute there i wasn’t sure if you were being sarcastic or not.
now add another dollar and you will get UK price (for a liter)
Great work, thanks for the video.
WOW, bravo. Outstanding. Someone give this man a directing job, very very nicely put together. Informative and insightful, I was not bored for one moment. Sir, this video is inspirational.
U think thats tuff, try living in Australia. The price of fuel here is huge. At the moment we are paying about $1.55 a litre for petrol and $1.78 for diesel. Figure that out in gallons and the U.S. price looks good. Not only that but everything over here is a lot more spread out. A drive of 10 miles is nothing just to pick up milk and the paper.
LMAO
That is it, that is the response to the video…lol
It already failed.
Thats why u in war with iraq.. for a fucking oil.. ur country will fail.. HAHA fatties!!!
Yeah. This’ll all go away after President Obama nationalizes the oil companies. Just imagine: The Government running the oil companies instead of the oil companies running the government.
Just imagine the tax break you could get with Exxon money in the public coffers.
Seems to be working pretty well for Hugo Chavez…
Dude! Where can I get some of what you’re smoking?
pcmiler2000- I would imagine that Tim Horton’s will expand all over including the deep south. They currently have stores in Michigan, Maine, Connecticut, Ohio, West Virginia, Kentucky, Pennsylvania, Rhode Island, Massachusetts and New York. There are more than 2,750 stores across Canada, and over 350 locations in the United States.
Who knows, maybe in the near future you could be able to munch on some TimBits in your area. 
Cool, I been to Canada, Tim Horton’s does have good coffee and donuts.
Will they expand to the deep south?
pcmiller2000- I don’t think that Starbuck’s problem has to do with fuel prices. Their prices were always too high and they were catering to a select group of people. No worries about those lost jobs, Tim Horton’s will probably build 600 stores in the U.S. this year so it evens out. In case you’re wondering who Tim Horton’s is, they are the biggest coffee and donut business in Canada and always make plenty of money. They are expanding big time in the U.S. right now. Their donuts are good too.
Good video.
Oh dont forget Starbucks, they are closing 600 stores starting in July. Thanks to fuel prices, about 12000 people will lose their jobs. Starbucks wouldnt been in this mess if fuel prices stay at $1.25 per gallon.
Remember fuel prices were under $1 and Big Oil were complaining about cheap prices 10 years ago.
Bush in office, Big Oil is HAPPY.
I got a solution, regulate the fuel prices. There’s no fuel shortages, if there is, electric cars and trucks been out 100 years.
i gotta say, however, that i see some probs with your video here. for instance, the cost of living in chicago is insane – you’re probably paying 2-3 times as much for groceries and everyday needs….plus, you’re still going to be using your car to head out to the burbs AND don’t even get me started about the cook county taxes. i see where you’re going, but living IN the city can be equally expensive (do i need to mention the rising costs of public transportation too?)
Your exactly correct. But tell that to the liberals in Congress thats going to give a 300billion dollars to a non failing mortgage group. They still deny the demands of the people to drill for domestic oil where the oil is. Perhaps Mrs. Pelosi needs to read the Declarations of Independence to realize what We the People mean and what We the People expect from their government. Drill oil now. The price of gasoline will be $1.50 per gallon in less than a year.
if you’re not complaining then why did you mention your 9 dollar gallon in your sarcastic comment? we have an oil reserve off the coast of Newfoundland that contains more oil than has been extracted in total in the history of oil drilling but they know if they open up production here the price will start to nosedive,
Must See!
/watch?v=zzbUZW5aV38
The bubble is bursting BECAUSE IT WAS A BUBBLE. In a healthy economy houses cost approx 3 times the average annual income. So if your area is mostly double income at 50K/yr, houses should assess at 300K. If it’s double income at $35K, then expect 210K. Subprime allowed increased demand & artificially inflated housing values. Great (in the short term) for banks, not so great for people stuck paying a $500,000 mortgage on a house that should be $275,000.
Wow! I wasn’t expecting to see Buffalo Grove featured on youtube, considering I went to BGHS and grew up around there. Weird, but neat.
While suburban sprawl is an issue (i.e., distance and lack of bike paths), it isn’t the reason for the housing bubble. The bubble was created for two reasons..
1) Specialty loans tricked people into thinking they could afford the home.
2) Home values were soaring, so people felt safe with the loan.
What goes up must come down. Thus, the prices came down because these specialty loans began resetting and people couldn’t afford higher rates. Thus, f’closures dropped home values.
Everything you said is wrong