-- Connecting the dots between our economy, government and business --
Aasking prices are the norm in this spring's housing market, with sellers' asking prices hitting new record highs in the month that ended April 27.
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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With the number of people leaving IL and the highest combined property taxes and sales taxes, please explain these asking prices and bidding wars. I could have continued to pay DuPage property taxes, but am saving over $10K on a bigger, more land home in SC. A matter of financial pride in not paying high IL property taxes with no real benefits.
It’s almost as if people make decisions where to live that aren’t entirely based on the same factors as you. For all the talk of a mass exodus, other people are clearly stepping up to buy the homes of those fleeing. Perhaps those population loss “estimates” aren’t as accurate as some may believe? Maybe Chicago with all of its high taxes still offers a good overall value for living in one of the largest cities in the country? Either way those new property owners are paying the property taxes that you left behind and both of you seem happy about… Read more »
Careful PPF. The folks who read this website don’t take kindly to logical points which don’t fit their narrative.
Whatever the inaccuracies of mass exodus may be, the IRS statistics are entirely factual about the billions in money leaving IL every year. Article the other day, according again to IRS stats, $14 billion in income left NY for FL last two years. Cheers to those that can pay those prices despite property taxes and IL pension deficits.
Yet asking prices and bidding wars are taking place. When you moved I’m pretty sure you had someone that wanted your previous home. You are happy in SC and they are happy in your DuPage county home. Yes people have moved out of the state but obviously not enough to impact the supply and demand curve.
It would be interesting to know if they are using real or nominal dollars for this analysis. Hard to find on phone. Prices are highly correlated to area wages, so if salaries are catching up to the inflation spike it could be reflecting that.