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Housing values 
30th-Aug-2006 01:50 pm
Dilbert
I don't understand much about finances and business, but I read that housing prices have exploded in the US over the last years. Does that mean that UBF leaders who have invested a good part of the offering money in real estate, are now becoming tremendously rich, much richer than before?
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31st-Aug-2006 04:58 am (UTC)
Does that mean that UBF leaders who have invested a good part of the offering money in real estate, are now becoming tremendously rich, much richer than before?

I am a little skeptical about the index. When a house is purchased, the same house is not usually placed in market for sale the next year. So I think that the index must have been created based not on the sale price of the same house but on the sale price of an equivalent house.

The question here is then how closely the equivalent house matches up against the same house purchased a year ago. I think there could be a lot of room for errors here.

Another strange thing about the index is that from 2000 to 2006, the index rises very steeply. But if you look at the index from 1940 up to 2000, it kind of stays level. I think the economist should explain this in detail. The economist must have used the same method of using an equivalent house to approximate the sale price of an existing house during the housing boom from 2000 to 2006. But again I feel very suspicious about the steep rise of the index during this period.

I think the question we are interested in here is if we can use this index to approximate the value of the real estate owned by Chicago UBF leaders which is located around 6558 N Artesian in Chicago, Illinois. I am not sure about that.

My personal opinion is that this neighborhood is rapidly deteriorating. I am basing my opinion on population, demographics, and neighborhood amenities. But this is my personal perception in my daily life. I do not have any concrete census data. But there are many reports about significant cooling down of US housing market.

It is well-known fact that the building of Chicago UBF chapter has gone through many constructional modifications by the hands of UBF Korean young missionaries. If anyone wants to buy that building, he would be surprised to find how dangerous it is to occupy that building. The UBFKoreans might try to hide any structural problems making them liable for law suits. They will have a hard time in selling the building. I even heard a rumor that they stopped using the balcony in the santuary.

Most UBFKoreans also have modified their houses by following ridiculous UBF construction practices. Samuel Lee's house was burnt down due to the installment of inadequate electric wires. One missinary told me that the circuit-breaker in his house frequently shut down power. So I told him he should hire a certified electrician to investigate the cause. But he wouldn't listen to me saying that it would cost him too much money. He told me that he was going to fix the problem himself by faith. If anyone wants to buy his house, he should hire a certified electrician to investigate the electical wiring before he signs the deal.

I hope that the City of Chicago may enact an ordinance to prohibit any house occupied by UBFKorean missionaries from being put on a market to protect other innocent people!
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