Are Gas Prices the Real Reason For the Housing Crisis?

Aug 22, 2008 - I'm already a fan of Scotty Iseri's politically-charged pop music — but when he puts together a Morgan Spurlock-esque explanation about how the housing crisis isn't really due so much to "predatory lending" and "reckless borrowing" but the cost of getting out to those McMansions my interest was piqued. Scotty's piece studies Buffalo Grove, outside of Chicago, IL, where residents spend almost a quarter of their income on transportation cost, and nothing is accessible without getting behind a wheel. Showing how Buffalo Grove's houses have declined 8 percent in value, while Chicago — where it's possible to live close to everything you need without getting in a car has seen housing prices go up almost 10 percent, makes a lot of sense. - 39 Comments