-- Connecting the dots between our economy, government and business --
On average, homeowners gained $1,400 in home equity during the year, according to a report from CoreLogic. Among the 10 big cities in the study, the next-smallest average gains were nearly four times that. Shallow growth in home equity helps explain why the inventory of homes for sale is super-tight: potential sellers may not have enough equity in the house to fund a move up to a more expensive home.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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