Saddam Slipping

"All the people here are just like Americans, they are crazy about cars," says a Baghdad car dealer in this USA Today story suggesting that the people of Iraq are primed to sit back and let nature take its course when Gulf War II comes. The real scoop: You can get a four-bedroom house in Baghdad for $70,000.

Comments

[Brad S]

"The real scoop: You can get a four-bedroom house in Baghdad for $70,000."

Now that is a real scoop right there. You know, I bet Saddam Hussein's policies are just no good for property values in Baghdad. I mean, most female homeowners don't really like having to put bedsheets over their head every time they go outside. And I bet most homeowners (male or female) don't like being killed or starved to death when they express opposition to Saddam. Plus there are no professional sports teams in Baghdad.

[fyodor]

The upside of a home in Baghdad: front row views of the fireworks, COMING SOON!

[Jon H]

Seems like there's a lot more downside than upside to that $70,000 investment right now.

You'd have a hard time getting it insured against JDAM damage, and $70,000 is a lot to pay for a bombed-out shell.

[Brad S]

Jon H - that's a good point. I bet the homeowners' insurance premium on that $70,000 investment is pretty hefty. In fact, one would probably have a hard time finding an insurance company to underwrite a property in Baghdad these days. Then again, Iraqi lenders may not have the same stringent homeowners' insurance regulations that American lenders have.