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Ted joined Cities 92.9’s Cat Petersen to talk about the latest attempt by Illinois’ political class to claim Illinois is growing. All the evidence, from the U.S. Census Bureau to the IRS to United Van Lines to U-Haul to Allied Van Lines, shows Illinois losing far more residents to other states than it gains. Illinois consistently ranks at the bottom of most population/migration statistics.
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Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
Summary and audio linked here.
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Summary and audio linked here.
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Audio and summary
In regards to teachers unions actively politicking against Invest In Kids, form CTU web site article from a couple of days ago (attached) you have CTU teachers actively trying to petition CPS parents against Invest In Kids. Article states CTU members are politicking during “morning drop-offs and at some afternoon pick-ups”, not sure if that constitutes during CPS teacher work hours? Or, if they are politicking on CPS property? “Throughout morning drop-offs and at some afternoon pick-ups last week, rank-and-file members spoke with parents and community members, explaining the myths versus facts about Illinois’ voucher scheme. Many parents had no… Read more »
It looks like from CTU article picture CTU members are inside CPS school, on CPS property with political signs against Invest In Kids? Is that legal?
The only thing growing is JB the toilet bowl king’s waistline.
The deck chairs have been aligned and she is going down by the bow.
JB will start playing “ Nearer my God to thee”
On his piccolo.
Are the Permanent tourists (AKA migrants/border jumpers/Freebie Seekers) being counted? I don’t see many homes for sale here in Belvidere and Rockford and even rentals are scarce. People are staying put due to the low interest rates and do not want to trade in a below 3% rate for a 7% or more rate. Besides our home values went nowhere the last 20 years except for the last 2 so to buy something in another state is very expensive due to their home appreciation vs our depreciation. Again very few homes for sale here should be an indication that people… Read more »
Well Fred, as a society unwinds there’s less movement of goods and people. Think of the serfs during the Dark Ages — they’re gonna make a come back in Illinois.
Don’t worry, this will change soon too. As I’ve been saying, everyone needs patience. Inventory has already started to increase nationally with 9.3% more homes listed in September 2023 compared to August 2023 – the biggest jump in a year – while at the same time, the number of sales are down nationally by 17%. https://dsnews.com/news/10-23-2023/inventory-grows-sixth-month This can be best described as home owners running for the exits. Many of the frothier markets are experiencing large declines, which seem to be working their way inward from the coasts to Chicago. One reason why Chicago has remained ‘resilient’ according to one… Read more »
Yes, home prices have stabilized or gone down. That’s good news if you can pay cash for a new home, otherwise the interest rates will kill you. FYI, interest rates aren’t coming down soon, and may go up a little more. Next year might be a great year for cash buyers. Maybe that’s you Debstor and you can finally put Illinois in your rear view mirror. Good luck.
I’d gladly pay an 8% mortgage for a significantly lower home price, that’s what people did for generations before Zimbabwe Ben Bernake starting printing money which created these boom and bust housing bubble cycles. Because right now, things are not good out there. I saw a stat today, something like 50% of student loan borrowers are feeling the pain of payments resuming, and credit card defaults are blowing up, and most shockingly, car payment defaults just hit a 29-year high! Does this mean consumers will default on all of their other debt just to continue paying the mortgage? No way!… Read more »
Like I replied to PPF. There is very little new residential construction and still a strong demand for housing. I forgot to mention that in Belvidere some large commercial building projects are occurring. The Wal Mart cold storage and Pillsbury/Green Giant commercial buildings are being built each well over 1M sq.ft. and over $1B value. Plus many smaller projects near the Genoa Rd exit at the tollway. The Rockford casino is close to completion and across the street there is more new construction. Many roads have been repaved in and around Belvidere/Rockford. Seems like population will and would increase if… Read more »
There’s no lack of housing. That’s a side effect of the federal reserve’s boom and bust environment they create by increasing and lowering rate, and recently, from buying hundreds of billions in mortgage bonds that no one else would by at 3%. That created an environment where sellers feel ‘trapped’ in their 3% mortgage, and investors snapped up rental and airb&Bs by the scores. Heck, AirDNA said that Rockford Illinois was in the TOP 3 cities in all of America to invest in AirB&B properties…..there’s a good chunk of your missing housing inventory, snapped up by specuvestors with fraudulent loans… Read more »
Down here in SC, there is such a boom in residential construction. Because so many industries moved here, they estimate 22,000 new homes are needed by 2028. Just in our development, there are five families moved here from IL since 2021. Most of the rest are from states like NJ, NY, MI, and MN. We sold our house in IL to people who had been renting, not new arrivals. What’s there not to like, 80 degrees and golf, no snow or polar vortex, and saving 10k in property taxes? Lot of people waking up, though Pritzker keeps serving you the… Read more »
Retirees need to pay income taxes.
Save 10k on property taxes but then I would need to pay at least 16k in income taxes. No Thanks South Carolina. Maybe a good fit for low income retirees though. I like South Carolina but for myself and many of my friends it doesn’t offer the financial incentive that you believe.
Something doesn’t add up Freddy. All this debate about population loss yet we don’t see the results in the real estate market nor income tax revenue. Now some of this could be caused by fewer dependents but the same or more households are filing taxes and clearly live in their homes in Illinois. Will the households eventually leave? Pretty tough to leave the average priced home of 145k in Rockford with your 3% mortgage and move to a more expensive home someplace else with an 8% mortgage. Even if you own your home outright, you won’t have enough money to… Read more »
For some, perhaps many, Illinois has slowly trapped them. They don’t have sufficient equity any longer to swap their Illinois home for a home in another state, and they can’t afford a mortgage at current rates. I wouldn’t be surprised if the number of people exiting Illinois dips in 2023/2024. In other words, I agree with your comment.
Illinois residents will at least try to flee as they rush for the exits when prices start to fall here too. I know PFF doesn’t believe that, but he’s probably not old enough to remember any other bust. Remember, for most millenials, they’ve only known real estate to go UP UP UP! But those of us with a few more years, we’ve seen this all before, and it is happening all over again. Housing has ground to a complete halt. It’s as bad as it was in 2008. This is capitalism, and the market won’t be stuck forever. Something has… Read more »
Correct. Housing inventory is extremely low around here and if someone needs to move because of family or employment matters they may be shocked at home prices around the country. On the flip side someone moving here can get a good deal if there is anything available but taxes are high. (close to 4% of value). Most likely they are not worried about a mortgage since they can pay in cash due to increased home values. The lack of housing inventory is keeping the population from growing. Rents are rising if you can find an apartment so many factors involved.… Read more »
Part of the income tax revenue is associated with inflation. Doubtful there’s a state that isn’t seeing it. The fact that rising interest rates are trapping buyers in their existing low mortgage rate homes is definitely true.
Buyers are only ‘trapped’ while they have equity in their homes. Many owners in the 2020-2022 time period did cash out refinances and borrowed every penny they possibly could borrow… They can barely make their mortgage payment now at 3%! And many buyers during the 2020-2022 period were marginal buyers with low credit score and lots of debt, specuvestors, institutional buyers…Heck, Zillow’s and opendoor institutional buying bought up so many homes in some neighborhoods, especially out west, and in MN for some reason, that they were setting their own comps! Think about how crazy that is. Then factor in the… Read more »
All that may be true, but there are plenty of homeowners that have taken advantage of insanely low mortgage rates in the 13 years prior to the recent spike in rates. It is a contributing factor to a low supply of homes on the market and fewer buyers. People got used to low rates and there isn’t the tax advantage there once was for mortgage interest deductibility.
Low mortgage rates are certainly one factor but even more of a factor are the high prices. Look at the Case-Shiller Chicago vs 20 City index. Chicago appreciated really slowly, but prices are still higher than ever. It’s over $600,000 for a 1960’s split-level of 1,500 sq ft in my town these days. That’s completely insane.
I think you have a good point about the permanent tourists. If the federal government is willing to conceal their travel under the cover of darkness with a media blackout (no real journalistic integrity) what else is the federal government doing behind our backs to allow this to happen? If not for a few Bill Melugin types who are willing to risk their own careers, we would know and see nothing because it’s all being concealed. I wonder what’s next? Apartments, properties under foreclosure, they can’t be put in tents and police stations forever. I think sanctuary cities are going… Read more »