The Chicago Association of Realtors reported that 5,352 city homes were listed for sale as of Dec. 2. That’s down nearly 25% from the same time a year ago and the lowest figure in the association’s records, which go back to January 2007.
Ted joined Shaun Thompson to talk about about the Chicago Teachers Union’s absurd new contract demands, why so many Chicago teachers are chronically absent, and Brandon Johnson’s failed first year as mayor.
What a representation of Chicago’s plight.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
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The day is coming when the City of Chicago will sell abandoned homes for a dollar (just like Detroit) in the forlorn hope of getting a property taxpayer back on the rolls.
PS: The reason everyone will be selling is the flip side of the why nobody is buying coin.
Old Joe, I also saw the destruction of Detroit as it unfolded. As you have said, it happened pretty quickly, and snowballed once it started. Chicago looks to be on the same trajectory. Those who think it can’t happen in Chicago couldn’t be more wrong. Detroit thought the same thing.
Patience grasshopper, this delicate dance takes a little while longer. Just wait for housing prices to start falling a bit and suddenly every specuvestor and wannabe landlord king will be running for the exits, listing their properties for top dollar, hoping to get what they can on the trip down. Keep in mind that while this article focuses on low inventory, the real issue is even lower sales. Crain’s, despite supposedly being an economics rag, naively glosses over the basic concept of supply and demand: there is little housing supply precisely BECAUSE there is little demand for home purchases. Home… Read more »
Statewide in October 2019, the last pre-covid data we have, there were 17,713 homes sold.
In October 2023, there were only there were only 10,705 homes sold.
https://www.illinoisrealtors.org/blog/october-home-sales-and-inventory-continue-to-fall-in-illinois/
Home listings continue to drop even more. Because there’s no demand for sales.